While Saturday’s othersidemeta mint generated roughly $285 million for yugalabs, it also created some of the highest gas fees in the history of the Ethereum network - over $176 million. by lil_smush and elitanjourno
Otherside is the biggest product launch yet from the company best known for creating the Bored Ape Yacht Club NFT collection. During last night’s sale, traders snapped up a limited supply of 55,000 “Otherdeeds” NFTs, which represent titles to plots of virtual land in a forthcoming 3D social space.
They cost about $7000 each, and were only available for purchase in ApeCoin , Yuga Labs’ official cryptocurrency. On secondary marketplaces like OpenSea, the cheapest listed price for an Otherdeed wasfrom venture capital giant Andreessen Horowitz, and a kind of slow-burning disaster for everyone else.
. It’s a phenomenon known as a “gas war” – users compete to have their transactions processed at the top of the miners’ queue.on the blockchain data site Dune Analytics, the average gas price was hovering around 800 Gwei early Sunday morning, with spikes in the realm of 6000 and 7000. During these waves, a simple transaction could cost upwards of $3,000.
The expensive evening threw into question Ethereum’s long-term viability as a host for large-scale NFT projects; Yuga Labs even“It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We'd like to encourage the DAO to start thinking in this direction.”the ApeCoin DAO – maybe they can donate some of last night’s windfall to the cause.
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