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Due to high demand, almost $200M worth of ETH was lost to gas fees

Due to high demand, almost $200M worth of ETH was lost to gas fees

If you missed it, we had one of the busiest weekends in the NFT sector this year, with BAYC’s ‘Otherdeeds’ only minting yesterday. Due to high demand and a large number of failed transactions, approximately $200 million in ETH was lost or destroyed due to gas expenses. According to the consensus, Ethereum miners were the only beneficiaries of yesterday’s events.

Yuga Labs has been using images to tease their property sale for many months. When the time comes for the drop, the mint will be reserved for actions that go to Otherside nation.

Yuga Labs is now under backlash for their plan to include mint mechanisms. Yuga, community members believe, should have taken a similar approach to Moonbirds. That is, they argue that a Premint lottery for qualifying wallets’ mint spots should have been conducted. This would have resulted in a fair settlement and maybe averted chemical warfare.

The worst-case scenario for individuals was acquiring 610 $APE in order to manufacture two Otherdeeds and receiving failed transactions. Regrettably, this was the truth for a large number of prospective consumers.

Yesterday, the mint removed $317 million from the NFT ecosystem. According to others, this is killing the NFT market. It inhibits the momentum of other endeavors and creates a negative image as a result of all the failed deals.

Another widely held misconception is that NFTs are becoming more inaccessible to the “average person.” Individuals without an extra 2.5 ETH for the Otherdeeds mint’s gas were unable to participate. When it comes to new opportunities, Web3 is all about creating an equal playing field for everyone.

About Humano

He is a freelance writer based in Turkey. He loves NFTs, football, film and technology.

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