NFT Evening NFT Evening
    Facebook Twitter Instagram Reddit
    NFT Evening NFT Evening
    • News
      • Collectibles
      • Crypto Art
      • Blockchain games
      • Metaverse
      • Music
      • Interviews
    • Guides
      • Top NFT Projects
      • Top Blockchain Games
      • NFT Marketplaces and Tools
    • Learn here!
      • What is an NFT?
      • How to keep your NFTs safe
      • NFT Glossary
    • NFT Calendar
      • NFT Drops
      • NFT Conferences
    NFT Evening NFT Evening
    News

    Home » News » BAYC’s Otherdeeds Land Mint Spikes Ethereum Gas Price, Crashes Etherscan

    BAYC’s Otherdeeds Land Mint Spikes Ethereum Gas Price, Crashes Etherscan

    By Ming HooiMay 1, 2022Updated:September 20, 20223 Mins Read
    Contents hide
    BAYC fans went bananas after paying high Ethereum gas fees to mint Otherdeeds land NFTs
    What can we do to avoid high gas fees in future NFT mints on Ethereum?
    What were Yuga Labs’ comments on the high gas fees?

    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.

    Otherdeeds land mint is costing expensive Ethereum gas fees.
    2.26 ETH in gas fees?!! Well, not even this Bored Ape can take it. Credit: Yuga Labs.

    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.

    Finally, the team is also aware that some users encountered failed transactions during the mint. If you were one of those affected, you can contact Yuga Labs to get a refund of your gas fees.

    Join Our New "To The Moon" daily Newsletter

    Get our free, 5 minutes daily newsletter. Join 25,000+ NFT enthusiasts & stay on top 👊🌚

    Thank you!

    You have successfully joined our subscriber list.

    .

     


    All investment/financial opinions expressed by NFTevening.com are not recommendations.

    This article is educational material.

    As always, make your own research prior to making any kind of investment.

    EtherscanMetaverse landNft gas feesOthersideYuga Labs
    Previous ArticleParis Web3 Night: What We Learned At This NFT Web3 Event
    Next Article MOAR NFT by Joan Cornella: Everything You Need To Know
    Ming Hooi

    Ming Hooi is a writer based in Malaysia. She is a fan of GameFi and loves keeping herself updated on the latest developments of crypto, GameFi, NFT, and Web 3.0 in general.

    More great NFT Evening content:

    National Geographic NFTs Turn Into a National Failure

    January 31, 2023

    Warner Music Group Launches a DJ Contest in The Sandbox

    January 31, 2023

    Sorare Partner With The English Premier League To Release NFTs

    January 31, 2023

    OneFootball To Drop “Tifosi Selection” NFT Collection Honouring Italian Football Fans

    January 30, 2023

    Doodles Hires A New Advisor For The DoodleBank

    January 29, 2023

    Gordon Goner (Wylie Aronow) Steps Down From Yuga Labs Core Team

    January 29, 2023

    Nike .SWOOSH Platform Will Let Users Create Custom Wearables

    January 29, 2023

    NFT Influencer Break Up Raises Suspicions About Barkmeta

    January 28, 2023
    Latest NFT News

    National Geographic NFTs Turn Into a National Failure

    January 31, 2023

    Warner Music Group Launches a DJ Contest in The Sandbox

    January 31, 2023

    Sorare Partner With The English Premier League To Release NFTs

    January 31, 2023

    Avalanche Park x Ed Balloon Concert Series to Highlight NFT Musicians

    January 30, 2023

    OneFootball To Drop “Tifosi Selection” NFT Collection Honouring Italian Football Fans

    January 30, 2023

    Metaverse Tokens MANA and SAND Still on the Rise

    January 30, 2023

    Gutter Cat Gang Give Out Credentials Based On How Many NFTs Held

    January 30, 2023

    Doodles Hires A New Advisor For The DoodleBank

    January 29, 2023
    Get The FREE Exclusive Report
    CLICK HERE

    NFTevening is the biggest website for NFT news. We cover; breaking news, upcoming mints, plus, interviews with top NFT artists and projects. Put simply, we are the best place for new and experienced non-fungible token fans — making content fun & accessible

    Privacy policy
    Terms and conditions

    Article Categories
    • Blockchain games
    • Collectibles
    • Crypto Art
    • Guides
    • Interviews
    • Metaverse
    • Music
    • News
    • NFT Marketplaces and Tools
    • Sponsored Content
    • Top Blockchain Games
    • Top NFT Projects
    NFT Calendar
    • Today’s NFT Drops
    • Upcoming NFT Drops
    • Solana NFT Drops
    • NFT Calendar
    • NFT Calendar : Add Your NFT Event
    Get In Touch
    • Advertise (Media Kit)
    • Collaboration and Press Releases
    • Job Opportunities
    • About Us
    • Contact Us
    NFT Beginners Guides
    • How to Sell NFT Art
    • How to Create NFT Art
    • How to Display NFT Art
    • How To Make Passive Income With NFTs
    • Best Crypto Wallet
    • Best NFT Coins
    • Best NFT Rarity Tools
    • What is a DAO ?
    • What Are Crypto Gas Fees ?

    Type above and press Enter to search. Press Esc to cancel.