Tuesday, December 6, 2022

Yuga Labs Refunded Gas Fees For Failed Transactions: Report

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Yuga labs refunded gas fees for the failed transactions on the Otherside mint which briefly sent gas prices on ETH surging and some paid thousands of dollars to push the transactions through so let’s read more today in our latest cryptocurrency news today.

The company behind the Bored Ape Yacht Club franchise Yuga Labs refunded gas fees for everyone that made a transaction that failed during the Otherdeed mint last weekend. More than $157 million in ETH was burned in gas during the NFT mint and drove transaction fees ont the blockchain to new highs not seen since the launch last autumn when every ETH user was affected. Some of the other side customers reported paying more than double the sale price of the 305 APE worth $5800 at the time in gas fees alone while others saw their transactions fail but still got charged for gas. About 56% of the ETH coins burned from April 25 to May 2 were caused by the mint and yuga Labs spent 90.57 ETH or around $265,500 on refunds as per Etherscan. The biggest individual refund cost Yuga 2.6 ETH while the gas fees incurred by the company hit around $770.

Having only been on the market for a year, Bored Ape Yacht CLub is already a household name in crypto, and looking at the NFT data aggregator CryptoSlam reveals that the top NFT projects in the world today are in the BAYC universe. Third place was BAYC-spinoff Mutant Ape Yacht Club while in second place was the original BAYC collection over the past day nearly $30 million BAYC changed hands. The top spot is now held in Otherdeed with a transaction volume of $50 million in the past day.

While MAYC and BAYC are collections of NFT profile picture avatars tokenized, they come with an eradicable deed of ownership of the ETH blockchain while the purpose of Otherdeed is a little more enigmatic. Most believe that the 55,000 token collection represents a digital land deed for Yuga Labs’ upcoming BAYC-inspired metaverse Otherside.

The NFT fans were fast to criticize Yuga Labs after the drop and suggested that the company can choose an efficient launch format while Yuga Labs itself hinted it can migrate the BAYC ecosystem’s native Apecoin token to the blockchain and prompted ETH developer Mark Beylin to call the company con artists of the highest order. The negative spin from the mint was depressing the floor price of BAYC and the cheapest original BAYC on OpenSea with a current top bid of 95 ETH or over $278,000 and that’s a staggering drop of 35% from last Friday’s floor price of $429,000.

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