Ethereum Burn Rate Surges Amid Yuga Labs’ Upcoming Metaverse

Upcoming Metaverse

Ethereum’s burn rate has jumped to an all-time high of 9.83 ETH per minute for 99,084.65 ETH amid the sale of tokenized land plots in Yuga Labs’ ‘Otherside’ metaverse project.

The high number of transactions caused users to pay gas fees between 2.6 ether or $7,400 to 5 ether, equivalent to $14,270, to complete their transactions.

Data from Glassnode shows that about 70,000 ETH were burned on Sunday, a rise in the transactions by more than three times the previous high of about 20,000 in January.

BAYC developers note that they intend to develop a blockchain and port its BAYC-affiliated ApeCoin cover. The platform adds that it will reimburse users’ gas fees lost due to Yuga Lab’s congestion.

The Bored Ape Yacht Club sold 55,000 virtual land non-fungible tokens on Sunday, with the rising demand for tokens causing Ethereum gas fees to surge.

Source: Twitter 

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