According to data from Ultrasound.Money, a little over 500,000 units of Ethereum that is worth around $1.7 billion has been burned since the implementation of EIP-1559 upgrade.
At this rate, it means 5 ETH are being burnt per minute and around 2.7 million units of the second largest crypto asset by market cap would be burnt annually. It also means that this burn rate would cut the inflation rate of Ether to just 2.2 percent annually.
Per available information, NFT marketplace OpenSea, remains the major consumer of Ethereum gas as the marketplace alone has led to the burning of over 1000 ETH within the last 24 hours. Interestingly, figures burnt from its closest rival pales significantly against that of the NFT marketplace.
Data on Ethereum gas fees also shows that an average transaction on the blockchain costs around $30. A bulk of these fees were generated from OpenSea who saw almost 13 percent of the network total in the last 24 hours — an indication that the ongoing NFT mania is playing a role in pushing Ether gas fee high.
With the Ethereum chain still expected to merge with ETH 2.0 beacon chain, plus a switch to a proof of stake network, the supply growth of Ethereum is expected to become deflationary at a -2 percent rate.
As of press time, Ethereum was changing hands for around $3,600, according to CoinGecko.