Reactions as more than $150 million in gas fees are spent at the Otherside NFT Mint
Yuga Labs’ ‘Otherside’ metaverse project made its long-awaited premiere and land sale on Saturday. For many people, this event served as a bitter taste in their mouths and an empty pair of pockets because it was the largest NFT mint to date.
With the mint’s 55,000 Otherdeeds NFTs, which each represent a plot of virtual land in the forthcoming metaverse realm, sold out in just three hours, with each NFT costing 305 $APE (nearly $5,800) to mint. The mint made about $320 million in total, however, this amount has now reduced to about $285 million because of the decline in $APE.
In addition to generating record revenues, the mint also incurred some of the largest gas fees in Ethereum’s history, costing investors nearly $176 million in fees alone. One fee might range from $6,000 to $14,000 at times, and over 15,000 unsuccessful transactions cost an estimated $4.4 million in ETH, making this figure even more astoundingly high.
According to savvy programmers, the mint’s extortionate costs are also the result of a badly coded, unoptimized smart contract. The Otherdeeds contract consumed more Ethereum than MetaMask’s swap router and Ethereum Name Service combined, while only being operational for a few hours.
As a result, Yuga Labs has issued an official apology and hinted at reimbursing traders for their gas costs. However, it is unclear how this procedure will unfold. As a result of the outrageous costs, Ethereum’s long-term viability as a host for major projects has been called into question, prompting Yuga Labs to explore developing its own dedicated blockchain: ApeCoin must migrate to its own chain in order to fully scale, they declared on Twitter.
There is still significant grief in the NFT community despite Yuga’s reference to Ethereum’s flaws, many claiming that it is more of a deflective technique than an acceptance of guilt on Yuga’s part.
Despite the controversy, the project’s numbers show no signs of lingering animosity, as rare Otherdeeds are selling for upwards of 250 ETH, and the collection’s overall secondary market trading volume has exceeded 165,000 ETH, making it the 8th most traded NFT collection ever, despite only being active for around 48 hours at the time of this writing.