Thursday, December 8, 2022

Yuga Labs reimburses transaction cost for failed BAYC land sale

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Yuga Labs, Bored Ape Yacht Club (BAYC) NFT collection creator, announced on Twitter that it has reimbursed the gas fees or transaction cost of every person who was unable to buy digital land of Yuga Labs’ Otherside metaverse due to technical problems.

Yuga Labs confirmed this in a tweeter thread saying:

“We have refunded gas fees to everyone who made a transaction that failed due to network conditions caused by the mint. The fees have been sent back to the wallets used for the initial transaction.”

Multiple purchases and reimbursing the failed transaction cost

The mint of Otherdeed non-fungible tokens (NFTs) garnered the Yuga Labs company $320 million in sales over the weekend. 

Data from Etherscan showed that the company spent a total of 90.57 ETH ($265,000) to reimburse almost 650 individuals with the largest refund of 2.6 ETH ($7,500) going to a single individual.

For the company to ensure that the process was efficient, they tapped a MultiSender, a dApp that doesn’t need a wallet to interact with or even confirm the contract before receiving a payment, to distribute the funds to their respective owners. 

In the case of multiple failed transactions, the MultiSender app combined it with a single refund.

The largest NFT Mint in the NFT world

The highly anticipated Yuga Labs NFT land sale of “Otherside’’ has shaken the Ethereum blockchain by becoming one of the largest NFT mints in the history of the NFT world. Besides, it has set the gas fee to the moon by setting them to record highs with some of the buyers paying thousands of dollars for a single NFT they did not receive.

However, last weekend after the sale, Yuga Labs tweeted that they were working on reimbursing the money to those who had failed transactions.



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