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Sunday, September 25, 2022

Surge In ETH Gas Prices As Yuga Labs Trades In $300 Million On Sale Of Outside NFTs

Even as the community witnessed the largest NFT mint, ETH witnessed an unprecedented rise in gas prices, along with users confronting failed transactions with the rise in blockchain prices.

On the other side of the metaverse, Yuga Labs began selling Otherdeed NFTs that represented digital land deeds. Yuga Labs cashed in around $319M following the instant sale of 55,000 NFTs. Every portion of the land went for 305 ApeCoin, around $5,800 at the stage it sold.

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The community watched the biggest NFT mint in history even as gas prices spiked while users faced failed transactions caused by network latency.

Bored Ape Yacht Club developer Yuga Labs announced the sale of the Otherdeed NFTs that indicated digital deeds of land on the new scheme, their Otherside metaverse.

55,000 NFTs were sold almost instantly. The pattern will continue till NFT supplies. This approach will help in averting any disastrous gas war, and will also encourage the broadest possible distribution.

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Other deed non-fungible tokens were also available in APE, but they also needed this crypto currency as gas fees.

The minting methods of Yuga Labs predicted that NFT would henceforth be sold in multiple stages and would lead to a  transient increase in the price of petrol and lead to a slowdown in the number of people who mint the tokens.

Multiple Gas Fees Paid Ranging From 2.6 To 5 ETH

Etherscan statistics revealed that individuals paid multiple gas fees that ranged from 2.6 to 5 ETH. ($6,500 to $14,000).

Yuga Labs apologized for switching off lights temporarily on ETH. They said that it was very apparent that ApeCoin would need to be transferred to a chain of its own so that it could properly scale. As a result of the abundance of ecosystems held by blockchains, notably non-fungible tokens, the community has for long expressed concern about the infamous gas fees charged by ETH.

A fresh block-wide boundary on all data on transaction calls was proposed back in November last year to reduce the gas cost of the transaction call data of ETH. 

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