Record High OpenSea NFT Transactions Stirs $1 Billion Worth of ETH Burning

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Value from NFTs

More than $1.096 billion in Ethereum value was burned in the first month of this year, according to data released by Nansen Analytics on Tuesday. A portion of the fees paid is removed from circulation for each transaction carried out on the Ethereum blockchain network, with the EIP-1559 introduced in August 2021. Although sending and receiving Ethereum does not attract high charges, top tasks like minting NFTs through NFT marketplaces cost high gas fees.

The total volume of NFT transactions that occurred in January on OpenSea got to its highest point ever at $3.5 billion. The January transactions presently rank as #1 on a burn leaderboard put together by Ultra Sound Money which puts it at 65,778 Eth ($181.7 million) in total burned in the last 30 days. Coming closely behind in the second and third places respectively are tokens burned from Ethereum’s deals and activities on decentralized exchange (DEX) Uniswap (UNI), being 35,696 Eth ($98.6 million) and 24,223 Eth ($66.9 million), respectively.

Ethereum, however, is in an inflationary stage as a blockchain network as the present issue of 5.4 million ETH per annum goes beyond the 3.5 million burned. Ethereum’s supply is going to reach a peak just after its “proof of work” system has been removed through its transition to a “proof of stake.”

This will bring the overall amount of new emissions under the number of tokens that have been burned, and it will subsequently result in a deflationary system. The transition process to the “proof of stake” termed “the merge” will happen in either the second or third quarter of the year. But ahead of that, the Ethereum network’s overall hash rate had managed to attain a new unprecedented high level. Lately, the Ethereum foundation dropped the “ETH 2.0” in its rebranding name. It now goes by The Consensus Layer.

Other Cryptocurrencies 

Meanwhile, Bitcoin has been having a difficult time of struggle in the market since late last year. The top digital currency has shockingly been selling under $40,000 breakpoint for weeks, with market observers predicting that it could go as low as $30,000 to $25,000 before bouncing back to its all-time high of $65,000 before then proceeding to higher heights.

Already ARK Investment Management has predicted the possibility of Bitcoin’s value rising up to $1 million by the year 2030 and that Ethereum could rise up to $180,000 in the same period of time. Investors in the crypto space are eagerly looking forward to the fulfillment of this.  


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