Yuga Labs, the web3 company behind the Bored Ape Yacht Club, disrupted the entire Ethereum blockchain as a flood of users rushed to purchase NFTs representing virtual plots of land in its upcoming metaverse project, Otherside.
A total of 55,000 Otherdeeds sold at a flat price of 305 ApeCoin
In what was dubbed the “biggest NFT mint in history,” 55,000 Otherdeeds were sold for a flat price of 305 ApeCoin, or roughly $5,800 at the time of purchase, raising about $320 million.
Otherdeeds are coined in BAYC’s native ApeCoin, but gas fees are still paid in Ethereum. The cost of a transaction on the Ethereum blockchain is known as a gas fee. Fees often rise as the network becomes more congested and processing a transaction becomes more difficult.
Due to the high volume of transactions during the Otherdeed mint, petrol prices skyrocketed. Reddit user u/johnfintech pointed out to CoinTelegraph that some customers paid up to 2.6 ETH in gas fees alone, which is more than the cost of an Otherdeed NFT. Buyers spent a total of $123 million to perform their transactions on the Ethereum blockchain by the time the virtual land deeds sold out.
Shortly after the mint ended, Yuga Labs apologized on Twitter. “We apologize for temporarily shutting out the lights on Ethereum,” Yuga Labs remarked. “It appears that ApeCoin will need to relocate to its own chain in order to scale successfully.” We’d want to see the DAO start thinking about this.”
The ApeCoin DAO exists separately from Yuga Labs
The ApeCoin DAO, which is in charge of making choices for the ApeCoin community, exists independently of Yuga Labs. The Ape Foundation’s Board, which includes Reddit co-founder Alexis Ohanian, Animoca co-founder Yat Siu, and others, makes decisions for the DAO.
Some users suggested ways to enhance the procedure in the future after seeing the mess of a mint. Yuga Labs could optimize its contracts to minimize gas expenses and alter its mint method, according to Will Papper, co-founder of Syndicate DAO, a platform that allows users to create web3 investment clubs.