If you didn’t already know, we had one of the biggest weekends in the NFT space this year with BAYC ‘Otherdeeds’ minting yesterday. Over $200M worth of ETH was lost to gas fees or burned due to high demand and a large number of failed transactions. The sentiment is that the only winners from yesterday are Ethereum miners.
BAYC Controversy With The Otherside Mint
Yuga Labs had been teasing their land sale with graphics for a couple of months now. The mint yesterday was for deeds that will lead to Otherside land when the drop time comes.
Yuga Labs is facing negative backlash right now for the route they took with mint mechanics. Community members felt as though Yuga should’ve done something similar to what Moonbirds did. That is to say, they think that there should’ve been a Premint raffle for mint spots for eligible wallets. This would’ve created an equitable solution and gas wars could’ve been mitigated.
Indeed the worst-case scenario for individuals was buying 610 $APE to mint 2 Otherdeeds and receiving failed transactions. Sadly that was the reality for many would-be buyers.
The mint yesterday took approximately $317M out of the NFT ecosystem. Some are of the opinion that this is ruining the NFT space. It kills other projects’ momentum and creates a bad look as all the failed transactions took place.
Another notion going around is that NFTs are moving towards being inaccessible for the “little guy.” For the Otherdeeds mint, people without an extra 2.5 ETH for gas were unable to mint. Web3 is about everyone having an equal chance and playing field when it comes to new opportunities.
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This article is educational material.
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