The monkeys are on gas! – That 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 biggest mint of NFT nowadays. As a result, Ethereum gas prices have reached hitherto unseen levels. In addition, some users have experienced failed transactions due to blockchain congestion.
According to the official Otherside Twitter account, investors have scooped up all the NFT plots of the project. It was only possible to buy the plots of land in this jungle with the ApeCoin cryptocurrency.
The price of the land at the time of the coin was 305 ApeCoin, or about $ 5,800. The coin announced 16.7 million ApeCoin ($ 317 million). This is therefore a record for an NFT sale. The NFTs were sold through a smart contract on the Ethereum blockchain. Buyers had to go Know your customer confirmation (KYC).. In addition, they got their crypto-wallets pre-approved on the project website.
NFTs will provide buyers the right to claim land in the Otherside metaverse. This virtual world is conceived by Yuga Labs, the creator of the popular NFT Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) collections.
After the coin, 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 plans to offer the remaining 45,000.
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Unprecedented gas charges on Ethereum
As the NFT collection was highly anticipated, sales increased for Otherdeed reasons gas charges on the Ethereum blockchain of 8,000 GWEI. We’re talking about a gas war here. This is a situation where many Ethereum users are trying to purchase NFTs at the same time and outbid network transaction fees. Such offers may increase the fees on the blockchain, as was the case for this coin.
In the end, the gas war for Otherdeed, Bored Apes’ collection of metaverse plots, resulted in an additional $ 172 million in transaction fees. So it cost fbetween $ 4,000 and $ 10,000 to each buyer. Such high coin 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. In a commentary on this gas war, Yuga Labs said that the Otherside meta-verse may seek that migrate from Ethereum to your own blockchain layer 1 to improve scalability.
“We’re sad to have turned off the Ethereum light for a while. It seems clear that ApeCoin will have 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 overall gas costs. While the community accepted the proposal, it took more than four months to implement EIP-4488 on the Ethereum sidechain test network at Geth. Community member Qi Zhou has confirmed plans to upgrade the test network within a month.
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