Yuga Labs NFTs Trigger Gas Wars on Ethereum

Share This Post

Yuga Labs NFTs triggered gas fees to spike on the Ethereum blockchain

The owners of Bored Ape Yacht Club, Yuga Labs, dropped its Otherdeed NFTs on Saturday, clogging the Ethereum blockchain and causing gas prices to skyrocket.

The NFTs open up various rewards and benefits in Yuga Labs’ upcoming metaverse, Otherside, which consists of 200,000 virtual plots for sale that only Otherdeed NFT holders can claim.

Almost immediately, the digital assets sold out, raising approximately $320 million in cryptocurrency. 

The high demand caused transaction fees on the Ethereum blockchain to soar, with some users paying over 2 ETH to ensure the transactions went through, according to statistics provided by Etherscan. In total, Otherdeed buyers spent over $179 million on gas fees.

Following this, the blockchain technology company took to Twitter to apologize for “turning off the lights on Ethereum”:

The NFTs were originally planned to sell via a Dutch Auction – to prevent the price of Ethereum from being congested with high transaction fees.

However, after claiming Dutch Auctions to be “actually bullshit”, Yuga Labs changed its market structure by capping the number of NFTs purchased by each wallet.

Subsequently, Yuga Labs failed to fend off the predicted congestion issues, leading Otherdeed collectors to voice concerns on the company’s Twitter feed:

55,000 Otherdeed NFTs were sold in the auction, alongside 45,000 being issued to Bored Ape and Mutant Ape holders.


Yuga Labs partnered with the creator of SandBox, Animoca Brands, to develop the unique metaverse experience, Otherside.

Each plot of land on the virtual world consists of attributes, including natural resources, artifacts and characters – all of which only Otherdeed holders can purchase and are essential parts of the game.

Rather than solely focusing on ape NFTs, the space also features other PFP avatars including CryptoPunks, Meebits, Cool Cat and World of Women.

Subscribe to the NFT Lately newsletter to receive news covering the latest NFT drops, releases, reviews and more.


Related Posts

Jungle Metaverse: XLABEL and X2Y2 to Launch Tarzan NFT Collection

XLABEL, the digital fashion studio, and X2Y2, the Ethereum...

DeadFellaz Unveil New IP Extension, ‘Front Facing Fellaz’

Deadfellaz is constantly broadening its repertoire of resources and...

Lil Durk’s Phygital Shoes are Coming and They Look Amazing

Platinum recording artist Lil Durk steps into the tech...

Bored Apes Invite Other NFTs to Embark on the Otherside

Yesterday, Yuga Labs released a roster of PFPs eligible...

IRS Seeks Public Input on Taxing NFTs as Collectibles

US citizens wanting to boost their retirement funds by...

Bored Apes Showcase at the Louvre, Mark History

Despite recent dramas over not showcasing Claire Silver's non-fungible...

Related Posts

The Ultimate Guide to NFT for Dummies [2022 Guide]

NFTs are collectible items that can represent digital content,...

Sony to Introduce NFTs into PlayStation Games

According to a recent patent published by Sony Interactive...

Bored Ape Yacht Club Open First Edition Animated Comic Series

Just before the launch of Bored Ape Yacht Club's...

Yuga Labs Unveils Revolutionary HV-MTL NFT Collection

Yuga Labs launched the HV-MTL NFT collection of 30,000...

Bored Ape Yacht Club Review | 2023 Guide

An in-depth Bored Ape Yacht Club Review Guide. Everything you need to know about Bored Ape Yacht Club NFT Collection.

NFTs and Crypto: The Differences for Web3 Novices

NFTs are singular and unique and not interchangeable like...