Moreover, Yuga Labs raked in more than $561 million from the Otherside’s “Otherdeed” sales.
Each of the 55,000 Otherdeed NFTs was priced at 305 APE. At the time of mint, Apecoin was approximately $19, meaning that each NFT cost about $5,800. According to data from CryptoSlam, Otherdeed recorded over $240 million in total secondary volume within 24 hours. As of press time, this figure had climbed to over $550 million.
As already mentioned, the high demand for the NFTs rocked the Ethereum network, immediately causing a gas war. Many users also reported that the minting site did not work for them.
For the uninitiated, a gas war occurs when there is a sudden spike in demand for space in the next block. This auction for priority inclusion is often associated with a clogged network and higher transaction fees as users battle it out to be at the front of the line.
While some were able to process their transactions just in time for a couple hundred dollars in fees, others reportedly paid as high as $6,000 for a single transaction. According to Bloomberg, users paid a staggering $123 million as transaction fees to mint the NFTs. Jason Wu, the founder of decentralized lending protocol DeFiner, told Bloomberg:
Papper’s stance was, however, countered by Ethereum co-founder Vitalik Buterin. The latter opined that optimizing the contract wouldn’t have solved the problem. He tweeted:
Bored Ape co-founder Garga.eth labeled the mint a “sour moment” for the NFT community, tweeting:
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Source: Cryptocurrency - investing.com
