Yuga Labs sold Otherdeed NFTs via Opensea. The collection sold (or at least tried to sell) tokens to claim real estate and resources in Yuga’s upcoming metaverse…
Why it matters: The creator of the most recognizable NFTs available is again in the news for the wrong reasons. Bored Ape Yacht Club creator Yuga Labs recently made its Otherdeed collection available for purchase. It advertised the NFTs as a way to provide users with the ability to obtain land in its upcoming crypto-based MMORPG. Unfortunately, many fans instead walked away with nothing but disappointment, high transaction fees, and stolen funds. Yuga Labs sold Otherdeed NFTs via Opensea. The collection sold (or at least tried to sell) tokens to claim real estate and resources in Yuga’s upcoming metaverse game, Otherside. The NFT drop netted approximately $310 million in just a few short hours. Unfortunately for Yuga Labs, the sale generated far more traffic than expected on the Ethereum blockchain. This increase in traffic resulted in Ethereum gas fees of up to $14,000 for some users and failed transactions for others. Gas fees are charges passed on to users to compensate for the computing energy of processing Ethereum transactions. To make matters worse, some who experienced failed purchases were still charged for the energy costs. According to Crypto Briefing, users paid $165 million in gas fees during the sale due to Otherside’s poorly developed smart contract code.
