NFT sales on the Ethereum network have reached incredible proportions, resulting in very high trading fees due to the network’s density. Some of it is automatically burned but even this amount is unbelievable.
Incredible numbers in OpenSea trading
With the introduction of the EIP-1559 protocol last summer, some of the transfer fees are automatically burned in the ETH network, just as in the BSC network. While transfer fees are relatively low, NFT issuance fees are very high.
OpenSea broke an all-time record when NFT trading of $ 3.5 billion took place in January. This figure provided approximately $181 million in ETH burning. ETH burns of $98 million and $66.9 million took place on Uniswap. ETH burning of 350 million dollars took place on only 2 platforms. The remaining amount was on all other DEX, DeFi and NFT platforms.
In fact, the NFT market is also storming Looksrare, but from a different side. It is stated that users are moving NFTs between their own accounts, as high NFT trading is awarded LOOKS. Although it is very new, more than $ 9 billion in trade volume has occurred, but only 17 percent of this is real trade volume.
On the other hand, Ethereum is still in great inflation. While 5.4 million ETH is mined annually, 3.5 million ETH is burned. It is stated that, towards the end of the year, the network will be significantly relieved with the transition to the PoS system, where not miners but those who hold ETH will be rewarded.
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