Remember the time when BAYC said that there will be no Dutch Auction in the Otherdeeds land sale? According to the team, the intention was to avoid gas wars during minting. Apparently, the total opposite happened when the minting took place at 9 pm ET on the 30th of April.
When the 1st wave of the sale started, the Ethereum gas price spiked through the roof almost instantly. Guess what? Many fans reported that they had to pay at least 2.26 ETH (around $6,200 at that time) in gas fees just to mint 2 plots of Otherdeeds. That’s almost equivalent to the price of one land plot valued at $6,621 two days ago.
BAYC fans went bananas after paying high Ethereum gas fees to mint Otherdeeds land NFTs
One thing for sure is that the Otherdeeds land sale was a huge success for BAYC. According to Watcher Guru, BAYC managed to pocket $245 million of revenue from the high-profile sale 2 hours after launch. This is already more than half of the $455 million revenue projected in the leaked pitch deck if both rounds of the land sales were to go through this year.
Even though fans had to fork out a high gas fee for the mint, many of them were simply grateful that the minting was successful. “The 2.7 ETH in gas was the least painful transaction I have ever done,” said @Gruossome, one of the fans who successfully minted 2 Otherdeed plots on the 1st wave of the sale.
In fact, landowners have already listed their Otherdeeds for sale on OpenSea. Currently, the collection is trading at a floor price of 7.89 ETH (about $21,900 per plot). Given the scenario above, landowners could be potentially sitting at a 125% profit in dollar value. Not a bad trade even if you have to fork out such a high gas fee right?
What can we do to avoid high gas fees in future NFT mints on Ethereum?
Looking at the high gas prices during the Otherdeeds NFT mint, NFT Worlds co-founder @iamarkdev gave a few suggestions. One of them is that Yuga Labs’ devs could have avoided using ERC721Enumerable in the smart contract. According to him, this would significantly reduce gas usage by 60% to 70% per transaction.
In addition, @iamarkdev also proposed using the ERC721A contract to help reduce gas fees. This is because, in an ERC721A contract, you can mint multiple NFTs for the same cost as minting a single NFT.
What were Yuga Labs’ comments on the high gas fees?
Of course, Yuga Labs acknowledged that the team did not expect such an overwhelming demand for Otherdeeds NFTs until they saw gas fees skyrocket through the roof. Indeed, there were moments when Etherscan crashed due to the large scale of the mint.
In fact, the team commented that ApeCoin might need to migrate to its own blockchain, in order to properly scale. On top of that, the team “would like to encourage” the DAO to consider this proposal.