Bored Ape Yacht Club’s NFT sale of Otherside lands brought down Etherscan

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2022-05-02 01:22:20

Although they knew in advance about the hotness of the Otherside land NFT sale, few could think that it could have such a serious impact on the Ethereum network.

Bored Ape Yacht Club’s NFT sale of Otherside lands brought down Etherscan

At 8:00 am on May 1, the Otherside metaverse project officially opened for sale NFTs of land in its virtual world, called Otherdeed. Otherside is a metaverse world located in an ecosystem with the popular NFT collection Bored Ape Yacht Club (BAYC) and ApeCoin (APE) coins.

As reported by CHK, Otherside earlier this week required NFT land buyers to conduct wallet KYC to limit the situation of “collecting goods”. The project has also changed from the Dutch Auction model (descending auction) to a fixed price of 305 APE (approximately $5,000 – $7,000, depending on when APE is purchased) for each NFT to ensure fairness. .

With the hotness of this sale event, not only from the name of Bored Ape Yacht Club but also because of the return of a series of NFT projects in the past time such as Ethereum Name Service (ENS) or Moonbirds, it is not difficult to predict that Ethereum gas fees will be pushed up a lot during the opening period.

As expected, ETH gas fees from an average of 60-100 gwei during almost a day before the launch of Otherside jumped to 8,166 gwei. At the time of writing, the gas fee has only decreased to 5,000 gwei when the sale has not ended.

The average gas fee volatility on the Ethereum network over the last 24 hours. The source: Nansen

According to Glassnode, Ethereum users at one point had to pay gas fees of up to $4,831 for a transaction this morning.

The average gas fee volatility on the Ethereum network over the last 24 hours shows that gas fees have at times touched more than $4,800 per transaction. Source: Glassnode

The sale even caused the popular Ethereum block explorer website Etherscan to crash, which is very rare.

Many Ethereum users have had to complain about having to pay much higher transaction fees than usual, and Otherdeed buyers are sure to have to spend a lot of money on gas to ensure their mint transaction goes through.

As of 10:00 AM, Otherside has sold over 42,100 NFTs out of a total of 55,000 NFTs allocated to the community, raising over $230 million in APE. At the current APE price, the amount Otherside estimates can collect from this opening event is nearly $ 320 million. All of those ApeCoins are committed by Otherside to lock within 1 year.

The price of APE on the morning of May 1st plummeted to $19 when investors released their coins after the sale.

1h chart of APE/USDT pair on Binance exchange at 09:10 AM on 01/05/2022

Otherdeed was later brought up by many buyers resell on the NFT OpenSea marketplace with the floor price is currently 4.8 ETH (more than 13,000 USD) – 2 times higher than the amount spent to mint NFT (not including gas fees).

Statistics of Otherdeed NFTs on OpenSea at 09:15 AM on 01/05/2022

However, thanks to the EIP-1559 transaction fee burning mechanism, Ethereum has partly benefited, having burned nearly 70 million USD in ETH used as gas fees in the past hour, when Otherdeed pushed transaction fees to sky-high levels. stop.

Some users have criticized Otherside for not knowing how to organize the optimal sale, resulting in buyers spending more than 100 million USD in ETH just for transaction fees, causing huge waste.

Some scammers also took the opportunity of the Otherside sale to create fake websites and steal NFTs from the wallets of gullible people, causing a loss of $6.2 million.


By 11:00 AM on May 1, which is 3 hours since the launch of Otherdeed, all 55,000 NFTs had been sold out to more than 28,700 addresses, earning Otherside about 314 million USD. This is the largest-grossing NFT sale in the history of the cryptocurrency industry.

Otherside announced that the claim time for 30,000 Otherdeed for NFT BAYC/MAYC holders will be postponed until ETH gas fees stabilize.

In total, the Otherside sale burned more than 51,000 ETH (~$151 million) from transaction gas fees, with each buyer spending an average of $2,460 in gas. In individual cases, it has spent up to 45,000 USD to make gas, a huge number.

Yuga Labs, the unit behind Otherside, BAYC and ApeCoin, later apologized to the community for the gas fee problems that had occurred surrounding the sale, and announced that it would build a private chain for ApeCoin. to easily scale in the future. This means that the Otherside will have its own subnet to operate, similar to Axie Infinity’s Ronin Network.

Yuga also announced that it is ready to refund gas fees to those who have joined the NFT mint but failed because the transaction fees are too high.

Despite apologizing and saying that there will be a move to refund gas fees to users, Yuga Labs’ statement is still not enough to assuage the anger of the Ethereum community.

“No gas optimization for NFT sales contract

Burning more than 150 million USD in gas fees

We broke Ethereum by mistake, we have to make our own chain.”

“You guys write a contract so bad that you can’t optimize gas fees, create a gas cost war, lie about dutch auctions so you can sell at a fixed price, hide the amount of KYC wallets Invalid.

Maybe next time you should hire a decent Solidity programmer before announcing a BSC 2.0 network.”

Synthetic CHK

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