Bored Monkey’s Metaverse Land sale has raised gas bills over $3,000.

There is a new metaverse project from the creators of the “Bored Apes Yacht Club” NFT. Last night they held a “virtual land” sale, Bloomberg reported. Raised nearly 1/3 billion dollars.

almost at the same time, mashable noticed that something else was happening:

If you had tried to complete a transaction on the Ethereum network last night, you would have been bewildered by the ridiculously high gas rates.

For example one user purchased $25 NFT for Saturday evening. What is their total price? $3,325. The fee alone is 3,300 won.
The article points out that every transaction on the blockchain incurs a fee (which increases with the number of simultaneous transactions). “Ethereum transactions may fail if users do not pay enough gas fees. In this case, not only will the transaction not take place, but the user will continue to be charged for gas.”

“Ethereum turned out to be unavailable for several hours because it was unable to load balance…” Report CNET. “Someone tweeted a picture of them trying to send $100 in cryptocurrency from one wallet to another. A gas bill of $1,700 was required.….

“Over $175 million only used gas.”

mashable addition:

not overwhelmed The Ethereum Network…. has caused fees to skyrocket to astronomical levels…. One Crypto Advocate fist In Bored Ape’s NFT sales, about $100 million was wasted during the first hour of “land” sales on gas rates alone.

As mentioned earlier, transactions can often fail when the Ethereum network is faced with unusually high traffic. And last night many people paid thousands of dollars in gas bills for transactions that weren’t even processed.

Yuga Labs say They plan to refund those fees to users, but it’s unclear how the company will do it. Additionally, Yuga Labs only pays fees for unsuccessful transactions that are ostensibly directly related to the company. Users who have tried unrelated trades can say goodbye to thousands of lost fees….

But there was at least one winner in the Saturday night sale: Yuga Labs. Raised by the owners of the Bored Ape Yacht Club brand. $285 million In NFT sales.
the transaction cost Mint Bloomberg reports that “according to Etherscan’s data, Otherdeed NFTs have “reached $123 million” since launch. or more than the value of the deed itself.”
Yuga Lab apologized on Twitter for “putting out the fire of Ethereum” and hinted at the possibility of building an apcoin blockchain.

Bored Monkey’s Metaverse Land sale has raised gas bills over $3,000.

Source link Bored Monkey’s Metaverse Land sale has raised gas bills over $3,000.

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