cc.Link
  • Home
  • News
  • NFT
  • Videos/Tips
  • Mining
    • How to Mine Bitcoin
    • Top Mining Software
    • Mining Articles
  • Tools
    • Live Crypto
    • Free Wallet
  • Live
  • Marketplace
  • Contact us
No Result
View All Result
cc.Link
  • Home
  • News
  • NFT
  • Videos/Tips
  • Mining
    • How to Mine Bitcoin
    • Top Mining Software
    • Mining Articles
  • Tools
    • Live Crypto
    • Free Wallet
  • Live
  • Marketplace
  • Contact us
No Result
View All Result
cc.Link
No Result
View All Result
Home NFT

Yuga Labs Plots Own Blockchain After Otherside Ethereum Debacle

ccLink by ccLink
May 3, 2022
in NFT
0
Yuga Labs Plots Own Blockchain After Otherside Ethereum Debacle
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

Targeted phishing scam nets $438K in crypto and NFTs from hacked Beeple account

Targeted phishing scam nets $438K in crypto and NFTs from hacked Beeple account

May 23, 2022
​​Meet Michael Arrington and Dr. Chandra Duggirala at the Online World Crypto Economic Forum

​​Meet Michael Arrington and Dr. Chandra Duggirala at the Online World Crypto Economic Forum

May 23, 2022

Reading Time: 2 minutes

  • Yuga Labs plans to move off Ethereum after its Otherside minting debacle this weekend
  • The sale of the Otherdeed NFTs was in such demand that Ethereum crashed
  • Gas fees hit astronomical levels as users battled to secure their Otherside plots

Yuga Labs, the creators of the Bored Ape franchise, is planning to migrate to its own blockchain after demand for land in its Otherside metaverse crashed the Ethereum network over the weekend. The Otherside NFT land sale, which proved to be the largest NFT mint to date by some distance, saw gas prices surge to insane levels and Ethereum network congestion made it basically unusable by all other apps on the network. As a result, Yuga Labs has publicly tasked the Bored Ape DAO to start planning a proprietary blockchain to alleviate such issues in the future.

Otherside Demand Crashes Ethereum

The Otherside NFT land mint was easily the most hyped up NFT mint the space has ever known, with the price of APE coin rising 145% in three weeks in the build up. However, the launch itself was a very messy affair, with gas prices hitting four figures as wannabe Otherside landlords pitched to get their slot:

FUN FACT: A user spent 16 #ETH ($43,000) in gas fees, to mint 2 of BAYC Otherdeed plots.

— Watcher.Guru (@WatcherGuru) May 1, 2022

This impacted every other dApp using the Ethereum network, meaning that not even the most basic Ethereum transaction could take place while the mint was going on. Yuga Labs addressed this in a tweet thread following the mint:

We wanted to say a few words about the mint tonight. 🧵

— Yuga Labs (@yugalabs) May 1, 2022

Yuga Labs expressed how they had hoped that the 305 APE bar would be high enough to ensure that there wasn’t a rush for the doors, but it seems they underestimated the amount of people who were holding $5,800 worth of APE. The company noted that “the scale of this mint was so large that Etherscan crashed”, and went on to say that it was obvious that the project had outgrown Ethereum already:

We’re sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We’d like to encourage the DAO to start thinking in this direction.

— Yuga Labs (@yugalabs) May 1, 2022

Yuga Labs also promised to refund the gas fees for those who didn’t manage to secure their plot of Otherside land, which is a nice gesture that goes some way to mitigating the inconvenience that its launch caused.

Otherdeeds, which were the NFTs actually being bought in the sale that unlock the potential for Otherside goodies, currently have a floor price of 4.6 ETH ($13,100) on Rarible, which for many will just about cover the minting fee and the Ethereum fee.

View Source

Tags: BlockchainnftPlots
Share76Tweet47

Related Posts

Targeted phishing scam nets $438K in crypto and NFTs from hacked Beeple account

Targeted phishing scam nets $438K in crypto and NFTs from hacked Beeple account

by ccLink
May 23, 2022
0

Links posted to a fake Louis Vuitton non-fungible token (NFT) raffle were made to capitalize on a recent real collaboration...

​​Meet Michael Arrington and Dr. Chandra Duggirala at the Online World Crypto Economic Forum

​​Meet Michael Arrington and Dr. Chandra Duggirala at the Online World Crypto Economic Forum

by ccLink
May 23, 2022
0

The World Crypto Economic Forum (WCEF) will take place online on June 2&3rd, and will gather over a hundred speakers,...

Twitter Rival ‘Lens Frens’ Launches on Polygon, Decentralised NFT Social Platform

Twitter Rival ‘Lens Frens’ Launches on Polygon, Decentralised NFT Social Platform

by ccLink
May 22, 2022
0

Aave has launched a decentralised, NFT-based Twitter competitor on the Polygon network. Lens Protocol is designed to power social media...

Arweave Attracts More Chinese Content Creators in Fight Against Censorship

Arweave Attracts More Chinese Content Creators in Fight Against Censorship

by ccLink
May 22, 2022
0

In China, residents turn to NFTs stored on the blockchain using Arweave to record moments of the pandemic and other...

Why is Ethereum used for NFTs?

Why is Ethereum used for NFTs?

by ccLink
May 22, 2022
0

Nonfungible tokens (NFTs) are compatible with any Ethereum-based project. You could, for example, trade a piece of a portrait for...

Load More
  • Trending
  • Comments
  • Latest
Crypto exchange Gate.io to provide Pyth Network with price data

Crypto exchange Gate.io to provide Pyth Network with price data

November 25, 2021
LUNA Price Pumping Today, up Over 1700%, Should You Buy The Dip?

LUNA Price Pumping Today, up Over 1700%, Should You Buy The Dip?

May 14, 2022
🚨 BTC, ETH, CRO, SHIB: ATTENZIONE A DOMANI – CRYPTO.COM FA DIETROFRONT? (ascolta ora)

🚨 BTC, ETH, CRO, SHIB: ATTENZIONE A DOMANI – CRYPTO.COM FA DIETROFRONT? (ascolta ora)

May 9, 2022
Coinstash Earn Offers Australians Rewards Of Up To 18% On Their Crypto and 4.20% On Their AUD Savings

Coinstash Earn Offers Australians Rewards Of Up To 18% On Their Crypto and 4.20% On Their AUD Savings

April 22, 2022
AMC CEO Proudly Declares That the Company Now Accepts Various Cryptocurrencies as Online Payment

AMC CEO Proudly Declares That the Company Now Accepts Various Cryptocurrencies as Online Payment

0
New york city’s Incoming Mayor Wants to Be Paid in Bitcoin (At Least Temporarily)

New york city’s Incoming Mayor Wants to Be Paid in Bitcoin (At Least Temporarily)

0
International Money Laundering Watchdog Says Uh, Yeah, Better Regulate Cryptocurrency

International Money Laundering Watchdog Says Uh, Yeah, Better Regulate Cryptocurrency

0
No, Putin Isn’t Embracing Cryptocurrency Just Yet

No, Putin Isn’t Embracing Cryptocurrency Just Yet

0
Bitcoin In Trouble As Crypto Pain Hits All Time High

Bitcoin In Trouble As Crypto Pain Hits All Time High

May 23, 2022
Crypto നഷ്ട്ടം നികത്താൻ – There is only one way to solve this !! | CRYPTO TRIBE

Crypto നഷ്ട്ടം നികത്താൻ – There is only one way to solve this !! | CRYPTO TRIBE

May 23, 2022
🚨URGENTE!!!🚨😱► CEO DE TERRA LUNA ( EN PROBELMAS !!😬 ) NOTICIAS CRYPTO HOY !!!!!!!!!!!!

🚨URGENTE!!!🚨😱► CEO DE TERRA LUNA ( EN PROBELMAS !!😬 ) NOTICIAS CRYPTO HOY !!!!!!!!!!!!

May 23, 2022
📈 Bitcoin analyse (BTC) mai 2022 – vers les 40k$ ? Trading crypto monnaie debutant 📈

📈 Bitcoin analyse (BTC) mai 2022 – vers les 40k$ ? Trading crypto monnaie debutant 📈

May 23, 2022

Join our mailing list

Tags

ADA altcoin altcoins best altcoins Binance bitcoin bitcoin analysis bitcoin crash bitcoin live bitcoin news bitcoin news today bitcoin prediction bitcoin price bitcoin price prediction bitcoin today Blockchain btc btc news btc price buy bitcoin Cardano Crypto crypto crash Cryptocurrency cryptocurrency news crypto market Crypto Monnaie cryptomonnaie Crypto News crypto news today crypto trading DEFI Dogecoin ETH Ethereum Finance investing metaverse Money nft Ripple Shiba inu Solana trading xrp

© 2022 CC.LINK

No Result
View All Result
  • Home
  • News
  • NFT
  • Videos/Tips
  • Mining
    • How to Mine Bitcoin
    • Top Mining Software
    • Mining Articles
  • Tools
    • Live Crypto
    • Free Wallet
  • Live
  • Marketplace
  • Contact us

© 2022 cc.Link.

bitcoin
Bitcoin (BTC) $ 30,426.00 1.63%
ethereum
Ethereum (ETH) $ 2,070.79 3.29%
tether
Tether (USDT) $ 0.999185 0.08%
usd-coin
USD Coin (USDC) $ 1.00 0.16%
xrp
XRP (XRP) $ 0.427587 2.47%
solana
Solana (SOL) $ 54.11 5.00%
terra-luna
Terra (LUNA) $ 0.000186 5.15%
cardano
Cardano (ADA) $ 0.556264 4.05%
polkadot
Polkadot (DOT) $ 10.68 6.22%
avalanche-2
Avalanche (AVAX) $ 32.64 4.11%
terrausd
TerraUSD (UST) $ 0.064858 7.89%
dogecoin
Dogecoin (DOGE) $ 0.087822 2.96%