Ethereum burning spikes to new high on Yuga Labs’ NFT hype

2022.05.02 13:32

Ethereum burning spikes to new high on Yuga Labs’ NFT hype

The burning rate of Ethereum has spiked to new all-time high (ATH) levels following the heavily anticipated sale of tokenized land plots in Yuga Labs’ upcoming Metaverse project the “Otherside.”

Yuga Labs, the creators of the Bored Ape Yacht Club (BAYC), sold 55,000 virtual land nonfungible tokens (NFTs) dubbed “Otherdeeds” on Sunday. The overwhelming demand for the tokens saw Ethereum gas fees shoot up so high that a handful of users paid as high as 2.6 Ether (ETH), or $7,400 at the time of writing, to 5 ETH, or $14,270, just to get their transactions through.

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