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OpenSea causes 10% of all Ethereum burn as sales jump 100% in 24 hours

Sales have rallied on OpenSea recently as the platform leads the pack in Ethereum burn rate with over $400,000 million ETH burned.

OpenSea causes 10% of all Ethereum burn as sales jump 100% in 24 hours

Cover art/illustration via CryptoSlate

After all of the highs surrounding NFTs for most part of the year, the nascent crypto niche is witnessing a downturn in its trading volume which is currently at a three-month low.

However, despite the belief of some analysts that the space is currently in a bear market, OpenSea, the largest NFT marketplace, has contributed to around 10% of all Ether burns since the launch of EIP-1559.

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