ETH gas price surges as Yuga Labs cashes in $300M selling Otherside NFTs. On their new project, the Otherside metaverse, Yuga Labs has begun selling Otherdeed non-fungible tokens (NFTs) representing digital land deeds. Yuga Labs made $319 million after 55,000 NFTs sold out almost instantly, with each piece of land selling for 305 ApeCoin (APE), or around $5,800 at the time of sale.
Yuga Labs cashes in $300M selling Otherside NFTs
The Otherdeed NFT mint is sold out – we are awestruck at the demand shown tonight. Apes and Mutants, the opening of the 21-day claim period is being delayed until the price of gas drops to reasonable levels. We’ll tweet when the claim opens. https://t.co/iRz64lklbv
— OthersideMeta (@OthersideMeta) May 1, 2022
While the community watched the largest NFT mint in history, Ethereum (ETH) gas prices surged, and users encountered failed transactions due to network latency.
The developers of the Bored Ape Yacht Club, Yuga Labs, have announced the sale of Otherdeed non-fungible tokens (NFTs) that represent digital land deeds on their new venture, the Otherside metaverse. Yuga Labs made $319 million after 55,000 NFTs sold out almost instantly, with each piece of land selling for 305 ApeCoin (APE), or around $5,800 at the time of sale.
“This pattern of mint → bump limit → mint → bump limit will continue until NFT supply is exhausted. This approach is expected to prevent an apocalyptic gas war, while also encouraging as broad a distribution as possible.”
Otherdeed NFTs were only available in APE, although they also required ETH for gas fees. Yuga Labs’ minting methods predicted that NFTs will be sold in stages, with a transient increase in petrol prices slowing the number of people minting the NFT.
The following screenshot was shared by Redditor u/jeux99, who was discussing their experience with high gasoline costs at the time and asked:
“Why is gas $450 right now?” I’ve seen high gas prices in the past, but nothing like this!”
According to Etherscan statistics, multiple individuals paid gas fees ranging from 2.6 ETH ($6500) to 5 ETH ($14000), as another Redditor, u/johnfintech, rightly pointed out.
“We’re sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale,” Yuga Labs stated.
Due to the flood of blockchain-hosted ecosystems, notably NFTs, the community has long been concerned about Ethereum’s infamous gas fees.
Vitalik Buterin proposed a new block-wide limit on total transaction call data in November 2021 to reduce the ETH network’s overall transaction call data gas cost.
Despite community support, it took more than four months to get EIP-4488 up and running on Geth’s Ethereum-sidechain testnet. On April 27th, Qi Zhou, a community member, confirmed plans to upgrade the testnet within a month.
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