Evening
The recent NFT NFT lands mint by Bored Ape Yacht Club for their Otherside metaverse game was an astounding success with closing at over $317 million in just three hour. But the exuberantly high gas fees during the event left many users with a bad experience.
Last Sunday, Bored Ape Yacht Club sold 55,000 virtual lands NFTs called “Otherdeeds”. The high remand of Otherdeeds caused the Ethereum gas price to soar significantly, with user paying 2.6 to 5.0 ETH gas price to push their transactions.
User who were able to mint the NFT land may have endured the high gas cost, but many users were not able to mint paying the heavy gas fees for nothing. This left many user enraged, who blamed Bored Ape Yacht Club for pulling this off as a publicity stunt to act an excuse to move on new dedicated chain. Many distinguished NFT fans criticized Yuga Labs for not adopting some other more efficient mint mechanism.
Whereas ApeCoin DAO have denied that there are currently no plans under discussion regarding the chain migration. Moreover Yuga Labs had also announced refunding the gas fees to all customers who failed to mint NFT lands. And yesterday, they refunded all the customers their paid gas fees as per promise.
In total Yuga Labs has spent 90.57 ETH on refunds, costing around $265,500, as per data by Etherscan. Yuga Labs incurred a $780 gas fees for the whole refund process with largest single refund of 2.6 ETH.
After the chaotic NFT land mint ended, the negative spin caused the floor price of Apes to slum with cheapest BAYC listed on OpenSea at 95 ETH($278,000) a staggering 35% drop form two weeks high of $430,000. Apparently many stalwart BAYC collectors are exiting the project. It remains to be seen whether Yuga Labs failed mint gas fees refund will put out the fire or will it be end of BAYC domination.
