On Saturday, Otherside Land Sale was completed and sold out within four hours as expected. What could go wrong with such a prominent and successful NFT mint on the Ethereum?
Reports say $176M was burned in gas fees alone, and despite being active for less than four hours, the Otherdeeds contract burned more Ethereum than MetaMask’s swap router and Ethereum Name Service had done in their entire history.
55,000 NFTs representing titles to plots of virtual land in the upcoming Otherside metaverse project were sold, with each NFT costing around $5,800 (305 $APE) to mint. Yuga Labs generated roughly $320M from the sales at the time of the sale.
Leave behind the money generated and NFTs sold, the millions spent on gas fees alone were something people pointed out, saying Ethereum might not be able to handle similar big projects.
In addition, some know-coders have pointed out that the mint’s ridiculous gas fees were due to poorly optimized smart contracts.
Yuga Labs, of course, made its public apology with a Tweet on May 1st, saying the following:
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