The release of the Stoner Cats NFTs was so successful that the transaction volume clogged Ethereum Network and led to a major spike in gas fees. The NFT collection of 10,00 Stoner Cats sold out in 35 minutes and raised $8 Million.
Stoner Cats is an adult animated series accessed exclusively by owning a collectible Stoner Cat NFTs. The NFT sale is a crowdfunding event because proceeds wil be used to fund future episodes. Mila Kunis stars and produces the show. The rest of the A-lister cast includes Jane Fonda, Chris Rock, Ashton Kutcher and Ethereum Founder Vitalik Buterin.
The Drama: Mad Rush to Score Stoner Cats NFTs
The NFT Drop was immediately followed by a mad rush to acquires the NFTs. The “Stoner Cats” NFTs marks the premiere of the animated series. Despite the high price tag of $800 or 0.35 each, the community swept the entire supply in under 35 minutes.
The auction was supposed to start on July 27 but the team tweeted that the “launch is delayed. We are working on some tech issues. Please follow the discord for real-time updates!” In a follow-up tweet, they explained the cause of the issues. “Between ipfs issues and high site traffic, we need to push to tomorrow 7/27 at 2 pm PT / 5 pm ET. We really appreciate everyone showing up and we want it to be right for you. We also dropped royalties down from 10% to 2.5%.”
The slight delay didn’t dampen the community’s reception as the team tweeted, “SOLD OUT in 35 meow-nutes!.” Don’t worry if you missed out because an additional 3,000 NFTs will be minted and released during the first season of the series.
NFT holders will get first access to episodes before the wider public. The NFTs also provide the holders a lifetime pass to all future episodes of the show.
Impact on Gas Fees
The Stoner Cats NFT Sale sent gas prices past 600 Gwei, a number the industry hasn’t seen in a while since the NFT Market has stabilized. To illustrate, the all-time high this 2021 was at 709 GWEI. According to DeFi Prime, during the frenzy, 344.4 ETH, nearly $700,000 in value was lost due to failed transactions.
A number of the Stoner Cat NFTs are back up for sale on the OpenSea NFT Marketplace for 420 ETH or $974 Million. The reception is not surprising given that even the Ethereum Founder is part of the show. In addition, the project is pushing for a cause that a lot of NFT Collectors can identify with. The website reads, “At Stoner Cats, we believe that storytellers deserve an outlet where they can be valued and supported without having to bow to the machine of big media.”
Mila Kunis adds, “Everybody just did the project because they thought that it was different and fun and we all wanted to do it for the right reasons. It brings ownership of content back to the artist and cuts out the middleman.”