Mass NFT minting on CyberKongz burns $4M worth ETH in 5 hours

Key Takeaways

• CyberKongz, an ape-based NFT burned over 1,240 ETH in just 5 hours.
• The total ETH burned by CyberKongz amounts to $4 million
• CyberKongz now tops the chart of highest burners, ahead of OpeanSea and UniSwap

YEREVAN (CoinChapter.com) — Ever since NFTs became popular, animal-themed tokens have dominated the marketplace. Some gained enough popularity to cause havoc on the Blockchain. 

In 2017, a cat-themed NFT project, the Cryptokitties,  jammed the Ethereum network and caused unconfirmed transactions to pile up after people flocked to buy the collectible cartoon kittens. Weeks back, another cat-themed NFT, Mila Kunis’s stoner cats, sold out in under 40 minutes.

The Nyan Cat NFT, which sold 300.00 ETH (about $590,000) in an online auction, left people scratching their heads. Other animal-themed NFTs, like the Frank Kozik Labbits, gained popularity after their launch on VeVe.

Today, another animal-themed NFT has gained enough popularity to become the main burner of Ethereum transaction fees. In just 5 hours, CyberKongz burned 1,240 ETH, or about $ 4 million.

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What is CyberKongz? 

CyberKongz is the latest craze of animal-themed non-fungible tokens. The platform offers users the opportunity to mint their Kong-themed avatars. The players may then use these avatars on various gaming platforms. 

CyberKongz initially started as a collection of 1,000 unique NFTs in early March 2021. However, it has recently gained so much popularity that it today outperformed both the NFT OpenSea marketplace and the world’s most popular decentralized exchange, Uniswap, in terms of burning Ethereum fees.

Chinese blockchain outlet Wu Blockchain reported on Twitter that CyberKongz had burned 1,240 in ETH, or roughly $ 4 million in just 5 hours.

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An NFT or a non-fungible token can be characterized as a data unit stored on a blockchain that certifies a specific digital asset to be unique and non-fungible. This essentially means that the digital token cannot be substituted or changed. 

Non-fungible tokens can be in the forms of photos, videos, audio, and various other kinds of digital files. Merriam-Webster turned the definition of an NFT into an NFT and sold it on OpenSea in May.

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CyberKongz NFT mining spike gas prices

Thanks to the mining of ape-themed NFTs, gas prices on the Ethereum network soared. The average transactions reached $25, the highest since May.

According to OpenSea, a prominent digital marketplace for crypto collectibles and non-fungible tokens (NFTs), there are 3,000 monkey NFTs and 607 NFT owners with a floor price of 1.2 ETH,

The first Kong, Cyber Kong #1, sold for 10,000 Ethereum or $10 million, making it the most expensive CyberKongz NFT sold to date. 

As the ape-themed NFTs gain popularity, CyberKongz will be selling more on the OpenSea marketplace. 

In the meantime, we will have to wait to see which animal-themed NFT attracts attention next.