$154 Million in Gas Fees Burned During Otherside Lands Minting
On April 30, Yuga Labs launched the minting of lands for its Otherside initiative. launched .
Yuga Labs, renowned for their innovative marketing strategies, is also the brains behind the Bored Ape Yacht Club NFT collection, collaborating with numerous brands to create partnerships.
Another major undertaking from the creators of BAYC, Otherside allows users to mint land parcels at a fixed price of 305 $APE tokens, roughly equivalent to $5,500 as of May 1.
That said, many in the community have expressed skepticism about Yuga Labs' commitment to its users and the broader Web3 ecosystem. During the Otherside Lands minting, a jaw-dropping 55,225 $ETH, translating to $154 million USD, was burned.
According to Will Paper, Syndicate DAO's co-founder, the chaos resulted from a poorly crafted contract that lacked essential gas optimizations. This oversight may have cost countless users millions.
Additionally, many participants reported that despite minting and paying over 0.8 ETH in gas, they did not receive their land parcels. Can Yuga Labs address these and other ongoing issues to regain community trust?
In an effort to rectify the situation, Yuga Labs is now considering a fork of their Ape Chain, attributing the problem to Ethereum's limitations.
Vitalik Buterin, the co-founder of Ethereum, responded, asserting that optimizing the contract alone would not resolve the issues, elaborating on his perspective in a communication to Yuga Labs.
Just this week, the $APE token reached an all-time high of $27 but has since dipped back down to $17.22.
OpenSea has now made Otherside lands available for purchase as NFTs.
The current floor price is 7.87 ETH.
Read related posts:
- Minting for Otherside Metaverse Lands Begins Tomorrow
- 'Otherdeed for Otherside' Cracks OpenSea's Top 10 Within 24 Hours
- Yuga Labs Issues Refunds for Gas Fees Related to Unsuccessful Otherdeed NFT Transactions
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