The London upgrade's theoretical deflationary features have already been demonstrated on blockchain, with over 800 "deflationary blocks" generated. The supply was deflationary for at least two hours due to rise in ETH transaction fee burn rate. NFTs have fueled spike in demand for ETH blockspace, with OpenSea marketplace, Gala Games' Vox, and Axie Infinity all ranking in top four for gas burning, with combined total of 2,200 ETH, or $7 million, consumed thus far.