Bored Ape Yacht Club creator’s Metaverse mint is rocking the Ethereum blockchain

Yuga Labs, the Web3 company behind Bored Ape Yacht Club, disrupted the entire Ethereum blockchain as a flood of users rushed to buy NFTs representing virtual lots in its upcoming Metaverse project. Other side. A total of 55,000 Otherdeeds were sold a flat rate of 305 ApeCoinor around $5,800 at the time of purchase (via CoinTelegraph) and raised about $320 million in what was billed as the “biggest NFT coin in history.”

Other acts are imprinted BAYC’s native ApeCoinbut still charge Ethereum for gas fees. A gas fee is the cost associated with a transaction on the Ethereum blockchain. Fees tend to increase as network congestion increases, since it takes more work to process a transaction.

Such a large volume of transactions during the Otherdeed mint caused gas fees to skyrocket. As noted by CoinTelegraphReddit user u/johnfintech pointed out that some buyers were squinting everywhere 2.6 ETH ($6,500) to 5 ETH ($14,000) in gas charges alone – more than the cost of an Otherdeed NFT (and in some cases more than double the cost). When the virtual land deeds sold out, buyers paid a total of about $123 million just to have their transactions run on the Ethereum blockchain (via Bloomberg).

Yuga Labs apologized on twitter shortly after the end of the coin. “We’re sorry to have turned off the lights on Ethereum for a while,” Yuga Labs said. “It seems perfectly clear that ApeCoin needs to migrate to its own chain in order to properly scale. We want to encourage the DAO [decentralized autonomous organization] start thinking along those lines.” The ApeCoin DAO, the entity responsible for making decisions within the ApeCoin community, exists separately from Yuga Labs. The decisions of the DAO are executed by the Board of the Ape Foundationconsisting of Reddit co-founder Alexis Ohanian, Animoca co-founder Yat Siu and others.

The disruption slowed transactions on Ethereum-connected services like Uniswap and caused Ethereum transaction tracker Etherscan to crash. A number from user also reported losing thousands of dollars to gas fees on failed transactions. Yuga Laboratories promised to refund users for gas fees associated with failed transactions, but it’s unclear what the refund process will be. The edge reached out to Yuga Labs for comment, but did not immediately receive a response.

When described in a post Days before coinage, Yuga Lab’s initial goal was to avoid an “apocalyptic” gas war, or a sudden spike in gas fees due to high demand. It said it would abandon the popular Dutch coinage auction style, where an NFT is put up for sale at a certain maximum price and then gradually lowered over time. It instead used an alternative method, selling NFTs at a flat rate and opting to gradually create more mints over time:

Instead of resorting to a faux Dutch auction, the Otherdeed Mint will employ the following mechanics: the sale price will remain unchanged for the duration, and at the start of the sale there will be an intentionally low limit per wallet on the number of NFTs that can be minted (note You, this is not “imprinted all at once” but “imprinted collectively”). Once the first wave of transactions has been submitted with relatively little gas and the network begins to settle down, the wallet-level minting limit will be increased to allow for a second wave of minting – those fed up will suspend this wave while those with more ApeCoin to spend will mint.

The mess of a mint prompted some users to suggest ways to improve the process in the future. Will Papper, the co-founder of Syndicate DAO, a platform that allows users to create Web3 investment clubs, suggested that Yuga Labs is tweaking its contracts to lower gas fees and adjust its coin mechanism.

March, Yuga Labs raised $450 million in funding to build Other side, a decentralized metaverse with gamification elements. While it is intended to encompass Yuga Lab’s NFT brands such as newly acquired CryptoPunks and Meebitsthe company aims to extend support to NFTs from other companies. Much is still unknown about the interested parties Other sidebut that clearly hasn’t stopped its enthusiastic community from investing in the project. Bored Ape Yacht Club creator’s Metaverse mint is rocking the Ethereum blockchain

Fry Electronics Team

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