The monkeys are on the gas! – The Otherside metaverse project sold all 55,000 available NFT Otherdeed plots within three hours of its public sale. The Bored Ape Yacht Club community witnessed the greatest mint of NFT nowadays. As a result, Ethereum gas prices have reached unprecedented levels. Additionally, some users have experienced failed transactions due to blockchain overload.
According to the official Otherside Twitter account, the investors have scooped up all the NFT plots of the project. It was only possible to buy the pieces of land in this jungle with the ApeCoin cryptocurrency.
The price of the plot at the time of the mint was 305 ApeCoin, or around $5,800. The mint reported 16.7 million ApeCoin ($317 million). This is therefore a record for an NFT sale. The NFTs were sold via a smart contract on the Ethereum blockchain. Buyers had to go Know Your Customer (KYC) verification. Also, they had their crypto wallets pre-approved on the project website.
NFTs will give buyers the right to claim land in the Otherside metaverse. This virtual world is the brainchild of Yuga Labs, creator of the popular NFT Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) collections.
After the mint, BAYC and MAYC holders can claim free land for a period of 21 days. Over 27,000 users purchased the 55,000 NFTs Otherdeed available out of a total of 100,000 available. An airdrop for existing NFT holders BAYC and MAYC plan to offer the remaining 45,000.
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Unprecedented gas fees on Ethereum
With the NFT collection highly anticipated, the sale of Otherdeed plots drove up gas fees on the Ethereum blockchain at 8,000 GWEI. We are talking about a gas war here. This is a situation where many Ethereum users try to buy NFTs at the same time and overbid the network transaction fees. Such offers can drive up fees on the blockchain, as was the case for this mint.
Ultimately, the gas war for Otherdeed, the Bored Ape’s collection of metaverse plots, resulted in an additional $172 million in transaction fees. So it cost ebetween $4,000 and $10,000 to each buyer. Such high mint fees caused many people to complain about not being able to make purchases.
On Twitter, Ethereum developer Foobar criticized Yuga Labs, the creator of Bored Ape, for writing a poorly optimized smart contract for gas wars. Commenting on this gas war, Yuga Labs said the Otherside metaverse may seek to migrate from Ethereum to own blockchain layer 1 to improve scalability.
“We are sorry to have turned off the Ethereum lights for a while. It seems quite clear that ApeCoin will need to migrate to its own chain to scale properly. »
Yuga Labs Statement
In November 2021, Ethereum co-founder Vitalik Buterin has proposed a new block size limit to reduce the overall cost of gas. While the community embraced the suggestion, it took more than four months to implement EIP-4488 on the Ethereum-sidechain testnet on Geth. Community member Qi Zhou has confirmed plans to upgrade the testnet within a month.
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Ethereum on fire: Bored Ape Yacht Club metaverse blows up fees
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