Yuga Labs recorded $561 million in Otherside ETH NFT sales in one day, causing Ethereum gas fees to surge to thousands of dollars per transaction, Etherscan data shows, so let’s take a closer look at our latest Ethereum reports News.
Yuga Labs is millions in sales and is the startup behind the $4 billion Bored Ape Yacht Club, which had its anticipated Otherside Metaverse mint on Saturday, clogging the ETH mainnet and sending gas prices to new highs. In less than a day, Yuga Labs generated more than $561 million from Otherside’s NFT sales. The NFTs are unique blockchain tokens that signify ownership of the physical asset and, in the case of Otherdeeds, are said to be the key to claiming land in Otherside, Yuga Labs’ upcoming Metaverse game.
Nearly $100 million was spent on gas for BAYC land sale in one hour. This is money that could have gone to Yuga or stayed in the user’s pockets.
The contract included almost zero gas optimizations. Below I explain a few gas optimization tricks that could have saved many millions 👇 pic.twitter.com/CsYvWdEQKc
— Will Papper ✺ (@WillPapper) May 1, 2022
About 55,000 NFTs were minted at 305 APE each, suggesting that given the Apecoin price Otherdeed cost around $5800 and Yuga Labs raised over $318.7 million from the mint. According to the data, Otherdeed recorded a total secondary trade volume of over US$242 million, of which OpenSea accounted for over US$190 million. Due to the high number of NFTs and high demand, the Otherdeed Mint launched at 9 p.m. EST on Saturday, it caused an ETH gas war, and traffic on block explorer Etherscan led to reports that the site was not working for many users.
The Otherdeed NFT Mint has sold out – we are overwhelmed by today’s demand. Apes and Mutants, the start of the 21-day claim period will be postponed until the price of gas has fallen to a reasonable level. We will tweet when the claim is opened. https://t.co/iRz64lklbv
— OthersideMeta (@OthersideMeta) May 1, 2022
The gas can occur with PoW chains like Ethereum, when the rising demand for a quick transaction often clogs a network and sends fees skyrocketing as users try to get to the front of the line. Ethereum gas fees can see huge spikes during these times and last night was no different as fees have now surged to thousands of dollars per transaction. While some were able to complete their transactions in a matter of hours for a few hundred dollars in gas fees, others said they paid around $4,000 for a transaction.
— zeneca.eth (away, fishing) 🔮 (@Zeneca_33) May 1, 2022
Transactions related to other sites consumed over 64,000 eTH in gas fees at the time of writing, equivalent to about $180 million, noting that the fees for Yuga LAbs implementing a new backend optimization might not be that bad had to. SyndicateDAO co-founder Will Paper wrote that Otherdeed’s smart contracts have almost no gas optimization, arguing that changing just a few words would have saved up to $80 million in gas fee savings.
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