Ethereum on fire: Bored Ape Yacht Club metaverse inflates fees

The monkeys are on the gas! – The Other Metaverse Project sold all 55,000 available lots from NFT Otherdeed within three hours of the public sale. The Bored Ape Yacht Club community witnessed the largest coin of NFT nowadays. As a result, Ethereum gas prices have reached unprecedented levels† In addition, some users have faced transaction failures due to blockchain overload.

According to the official Otherside Twitter account, the investors have picked up on all of the project’s NFT plots. It was only possible to buy the pieces of land in this jungle with the ApeCoin cryptocurrency

The plot price at the time of the coin was 305 ApeCoin, or about $5,800. The coin reported 16.7 million ApeCoin ($317 million)† So this is 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 (KYC) verification† Also, they had pre-approved their crypto wallets on the project website.

The NFTs are attacking Otherside’s plots.

NFTs give buyers the right to claim land in the Otherside metaverse† This virtual world is the brainchild of Yuga Labs, 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. More than 27,000 users bought the 55,000 NFTs Other deed available out of a total of 100,000 available. An airdrop for existing NFT holders BAYC and MAYC plan to offer the remaining 45,000.

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Unprecedented gas costs on Ethereum

With the highly anticipated NFT collection, Otherdeed lot sales soared gas costs on the Ethereum blockchain at 8,000 GWEI† We are talking about a gas war here. This is a situation where many Ethereum users try to buy NFTs at the same time and overbid the network transaction fees. Such offers can drive up costs on the blockchain, as was the case for this coin.

Ultimately, for Otherdeed, the Bored Ape’s collection of metaverse plots, the gas war resulted in another $172 million in transaction fees. So it costs ebetween $4,000 and $10,000 for each buyer† Such high coin prices caused many people to complain that they were unable to make purchases.

Bored Ape is inflating gas prices on Ethereum with its Otherside metaverse and the sale of Otherdeed lots.

On Twitter, Ethereum developer Foobar criticized Yuga Labs, the creator of Bored Ape, for writing a poorly optimized gas wars smart contract. Commenting on this gas war, Yuga Labs said the Otherside metaverse might try: migrating from Ethereum to own blockchain layer 1 to improve scalability.

“We’re sorry we turned off the Ethereum lights for a while. It seems pretty clear that ApeCoin needs to migrate to its own chain in order to scale properly. †

Statement from Yuga Labs

Nov 2021, Ethereum Co-Founder Vitalik Buterin Proposes New Block Size Limit to Lower the Total Cost of Gas† While the community embraced the suggestion, it took more than four months to implement EIP-4488 on the Ethereum sidechain testnet on Geth. Community member Qi Zhou has confirmed plans to upgrade the testnet within a month.

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