The burning rate of has spiked to new all-time high (ATH) levels following the heavily anticipated sale of tokenized land plots in Yuga Labs’ upcoming Metaverse project the “Otherside.”

Yuga Labs, the creators of the Bored Ape Yacht Club (BAYC), sold 55,000 virtual land nonfungible tokens (NFTs) dubbed “Otherdeeds” on Sunday. There was overwhelming demand for these tokens. So high are the Ethereum gas pricesA few users have paid up to 2.6 Ether.ETHTo get transactions done, they will need to convert from $7,400 (at the time of writing) to $5 ETH or $14,270

Yuga Labs could be closing down Ethereum for good.