The Boring Ape Yacht Club Ethereum crashed on Saturday night.As part of the future Boring Ape Metaverse called Other SideOn Saturday, developer Yuga Labs launched a new NFT collection of 100,000 land certificates in a virtual world. Interest in drops was immeasurable-too much for the Ethereum blockchain to handle. It turns out that users have to pay thousands of dollars for failed transactions, and Ethereum has been out of service for hours because it can’t balance the load.
On the other side is Yuga Labs’ view of the Metaverse. It will be a virtual world of 200,000 lots of land that will be purchased, owned and traded as an NFT. Land sold as an NFT is a misleading concept, but traders want the frequently used Metaverse land to be of great value. Imagine owning a building in the heart of a game like Fortnite and using it to do whatever you want.
The land is all divided by two waves. 100,000 people will be rewarded on Saturday, and another 100,000 will be rewarded to those who “contributed to the development of the other side” over the next few months. (Saturday sales consisted of 70,000 lots and 30,000 were airlifted to Bored Ape and Mutant Ape Yacht Club NFT owners for free.) This already has precedent. Virtual land sells millions of dollars in Metaverse such as Decentraland and Sandbox..
The Bored Ape Yacht Club is the most successful NFT collection to date and currently costs about $ 370,000 to buy for a club. The land drop on the other side has been designated by many as the largest in NFT history. And the boy was big.
The cost of each parcel of land was $ 5,846 (or the cryptocurrency Yuga 305 Ape Coin created for the Metaverse was $ 19.17 per coin at the time of sale). Certificates on other lands sold out quickly, and Yuga earned about $ 420 million. Virtual land speculators hoping to make a profit were grinning. Distribution market sales in OpenSea, the largest NFT market, currently start at $ 23,000 (8.7 ethers).
It was a huge success for Yuga Labs’ bottom line, but not necessarily for its reputation and blockchain technology in general. The launch of NFTs was full of issues that highlighted all the inefficiencies associated with cryptocurrency trading.
Let’s start with the gas rate. To trade on Ethereum, you have to pay for “gas”. It’s basically a transaction fee, the cost of which is determined by the amount of activity taking place on the blockchain. Gas prices between $ 10 and $ 100 are common. However, due to huge demand, and because traders outperform each other by paying higher gas charges, and transactions are faster, people mining NFTs on other lands can get up to $ 7,000 (2.6 ethers) in gas charges. ) Was dropped.
One panther Spent $ 44,000 on gas to buy two plots of land4 times the amount spent on the NFT itself.
Otherside mint affects the entire blockchain, so you can sell ether or Altcoin trading You also have to pay huge fees and wait hours for the transaction to complete.who Tweeted a photo of them trying to send $ 100 cryptocurrency from one wallet to anotherIndicates that a gas charge of $ 1,700 is required.
To make matters worse, the Otherside transaction failed. Not all attempts were successful, as the number of people trying to buy was higher than the supply of Otherside NFTs. A failed transaction usually costs about $ 30, which is painful enough. The gas was so expensive that these failed deals cost some people thousands of dollars.
that’s all $ 175 million spent solely on gas.. The Ethereum blockchain has a deflation protocol that burns most of the ether spent on gas-many of its $ 175 million is now simply gone.
Yugarabo Said in a Twitter statement He said he would be refunding failed transaction fees and could develop a whole new blockchain to carry out Metaverse activities. Ethereum is a notorious inefficient blockchain, others like Solana and Tezos are much cheaper and less damaging to the environment. Others argued that the obstacle was not in Ethereum, but in the way Yuga Labs set up sales and the inefficiencies of its smart contracts.
“Needless to say, it didn’t go the way everyone wanted tonight,” tweeted Greg Solano, one of the founders of the Bored Ape Yacht Club. “I’m sorry for the apes and everyone else who was eager to get involved in the project.”
Despite the painful launch and many angry tweeters, don’t expect Otherside to fail. As of this writing, otherside land certificates have sold over $ 123 million on OpenSea in just seven hours. “I’m protecting my land. I might buy more.” Bored Ape owner tweeted.. “But this stinks heaven.”