Yuga Labs refunds gas fees for failed Otherdeed NFT transactions
Yuga Labs, the creator of the Bored Ape Yacht Club and the Otherside metaverse, has begun refunding frustrated users who unsuccessfully attempted to purchase Otherdeed digital land NFTs and lost money in the gas war.
Over $157 million in Ethereum was burned during the minting of 100,000 Otherdeed NFTs, causing a revolt in the NFT community. Some users lost thousands in gas fees even when they were unable to mint, and the gas price was recorded higher than the price of an Otherdeed NFT (305 ApeCoin, around $5,800).
After the chaotic mint, Yuga Labs promised to refund lost gas fees. According to Etherscan, over 90.5 ETH (approximately $250,000) has been refunded.
The collection received so much attention that it helped the NFT marketplace OpenSea reach an all-time sales record – $467 million in trading volume on May 1.
Yuga Labs has apologized via Twitter for “turning off the lights on Ethereum for a while.” While many traders still blame Yuga Labs for not optimizing the gas contract, the creators of BAYC suggested that the community and the DAO should think of blockchain alternatives for the project. ApeCoin and Otherside could potentially transition to their own blockchain to continue growing and avoid future network problems like the recent one.
The ApeCoin price dropped 40% after the unsuccessful mint and disappointment in Yuga Labs.
Some unhappy BAYC fans started a petition to give KYC wallets another chance to mint Otherside’s land without needing to compete with crypto whales who drove up gas fees during the original mint.
Read related posts:
- $34M Locked in AkuDreams Contract. Users are Getting the Refund.
- Improbable offers fans a first glimpse of the Otherside experience
- ‘Otherdeed for Otherside’ hits OpenSea’s Top 10 in 24 Hours
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].
More articlesAgne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].
