Bored Ape land sale broke Ethereum. Extreme success or resounding failure? – Mag Mirror

Their new metaverse-inspired project, Otherside, sold virtual plots of land to a crowd of people shouting “Shut up and take my money!” “. In this case, the currency in question was the recently created ApeCoin. However, since Ethereum hosts ApeCoin and terrestrial NFTs, the screaming crowd needed ETH to pay for the gas fees of operations.

If you are familiar with Ethereum, you already know what happened. According to IntoTheBlock’s Lucas Outumuro, “The Bored Ape Otherside Land Sale Processed More Fees Through Ethereum in Three Hours Than in the Previous Two Weeks. Of course, all hell broke loose. Gas prices on the network have skyrocketed, many transactions have failed and people have lost their gas costs, and others just couldn’t afford to monetize the NFT lands to which they were entitled.

At the end of the day, the Other Side’s NFT virtual plots, known as Otherdeeds, were sold. The Ethereum network pocketed around $125 million just in gas fees. He didn’t come out of this madness unscathed, however. Several Ethereum-based projects have reported failure and/or slowdown in operations and Etherscan, Ethereum’s block explorer, has completely collapsed. “We are sorry to have turned off the lights on Ethereum for a while,” Bored Ape creators Yuga Labs said.

The origins of Otherside

Last March, Yuga Labs raised $450 million under the leadership of Andreessen Horowitz to create Otherside. Apparently, this is a Metaverse project in the vein of Decentraland and The Sandbox, but with a Play-To-Earn element built in from the start. In the same month, they created the now defunct to ask people to identify themselves and link their personal information to their Ethereum addresses.

These registered addresses had the right to monetize two parcels of land in the Otherside Playground. Bored Ape holders received two free plots each. There are a total of 55K Otherdeeds. To mint each plot, one had to pay 305 ApeCoin, plus gas fees from the Ethereum network. Although it was expensive, given Yuga Lab’s successful track record, it seemed like a bargain.

Until gas prices reach unaffordable levels, of course.

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Bored Ape Creators Yuga Labs Speak Up

After selling everything, smashing everything and leaving humble collectors landless, the creators of Bored Ape responded to the controversy with this brief message on Twitter.

We know that the Otherdeed mint was unprecedented in its size as a high-demand NFT collection, and that would bring with it unique challenges.

Among other things, Yuga Labs said:

  • Even though they took the mentioned KYC measures, too many people wanted to participate. “This was the biggest NFT strike in history by multiple multiples, yet the gas used during the strike shows demand far exceeded anyone’s wildest expectations. »
  • Soon, ApeCoin will cease to be an Ethereum token and become a full-fledged cryptocurrency. It seems quite clear that ApeCoin will need to migrate to its own chain in order to scale properly. ”

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. We’d like to encourage the DAO to start thinking in this direction.

  • They will reimburse gas costs for operations that did not go through. “For those of you who have been affected, we appreciate your willingness to build alongside us – know that we have your back and will reimburse your gas. »
  • In a later tweet, Yuga Labs announced that the gas refund process has already begun. “Note that you don’t need to do anything – we’ll transfer everything back to your wallet and announce when it’s done. Do not click on any links. »

We are still working on refunding all Otherdeed minters with failed transactions their gas. Note that you do not need to do anything – we will transfer it all back to your wallet and announce when it is completed. Don’t click any links.

Even though the creators of Bored Ape seem to be doing the right thing, it should be noted that people who received these refunds were unable to purchase an Otherdeed NFT and the collection was sold. They can still get them on the secondary market for a high price, but the community isn’t happy.

Bored Ape users speak

The following is a select selection of opinions on the launch. Most of these people are Bored Ape rich and heavily invested in the Yuga Labs ecosystem, but they are worried. Let’s summarize what they said.

  • According to Ap3father, “The drop went incredibly badly. That’s the truth of it all. Furthermore, “this drop did nothing to help the distribution of the already popular Yuga community…the same 27.5k people bought…” However, he reflected, “Yuga Labs made me a millionaire.” I am more than spoiled, humbled and blessed to be in this situation thanks to them. »

The drop went unbelievably poorly. That’s the truth of it all. The initial thesis was that not enough KYC wallets exist for it to sell out in wave-1 .. not only was that incorrect … It sold out with 2+E in gas the entire way … a nightmare scenario …

His conclusion is that “The community reacted horribly to this mint. And his advice is to sell, “You may have millions in NFT and that’s remarkable, but hold on to reality.” When you die one day…they don’t bury you in the metaverse my friend. “He’s got annoying monkeys too, so he’s not going anywhere. “I’m excited to sell some monkeys &; to continue my journey to the other side. »

  • For his part, Irish expressed his distrust. “How are the greatest innovators in space not planning a gas war? You literally have every address, every KYC’d ID. Offer each KYCd 2 lands? And tried to get Yuga Labs to honor their promise to sell him an Otherdeed, “We hear how you’re ‘doing good’, glad you’re paying for failed trades!” Admit your mint mistake. »

@yugalabs I spent 3 hours constantly refreshing and trying like many here. If you really want to spread to wallets let those KYC’d mint. We should’ve been given 2 weeks. And put on allowed mint list on contract. Similar like Gary Vee did, Instead you thing PR nightmare.
  • On the other hand, 3433 defended Yuga Labs. “Yuga let us hit BAYC for 0.08, they gave us Dogs to claim which are currently worth 9 ETH, they gave us free serums worth 57 ETH to drink or hold/sell which made Mutants, worth 30 ETH, they gave us 100-200k USD of $APE cryptos. »

Sure, maybe the mint could of gone better, we could of had a Cue/Raffle system, but at the end of the day every successful mint on ETH is a fucking shitshow, we all know this.

Vitalik Buterin speaks out

  • Finally, Ethereum creator Vitalik Buterin defended the Yuga Labs smart contract that governed the entire operation. “Regardless of contract details, tx fee increases until list price + tx fee = market price. If the gas consumption per purchase had decreased by 2x, the equilibrium gas price would have just been >12000 gwei instead of 6000.”

@zengjiajun_eth Don’t think optimizing the contract would help. Regardless of contract details, tx fee goes up until list price + tx fee = market price. If gas usage per purchase decreased 2x, the equilibrium gas price would have just been >12000 gwei instead of 6000.

Nevertheless, the creators of Bored Ape seem quite determined to create their own blockchain. Some even suggest that they orchestrated this whole situation to justify and market it.

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Bored Ape land sale broke Ethereum. Extreme success or resounding failure? – Mag Mirror

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