BAYC’s Otherside NFT Drop Triggers ETH Burning Frenzy

Ethereum’s burn rate is at its peak due to the anticipated NFT sale of BAYC creator Yuga Labs.

ETH soared to unprecedented levels thanks to the anticipated virtual land sale related to Yuga Labs.

Just hours after the sale of 55,000 virtual land NFTs dubbed “Otherdeeds,” Ethereum gas fees have skyrocketed.

***According to Data Always and Glassnode data, 70000Eth was burned on the same day.

***After rising to the level of 20,000 ETH, it started to decline. However, with the latest demand, it increased by 250%.

***It was previously announced that users paid about 64000ETH for Otherside.

***The average burn rate since the launch of the EIP-1559 has been 5.81 ETH per minute. Otherdeed’s NFTs peaked ahead of OpenSea, Uniswap v3, Tether, MetaMask.

***Yuga Labs has made more than $318.7 million from this mint alone.

***The spike in demand for fast transactions has clogged the Ethereum network, causing gas wars. This is despite the project canceling the Dutch-style auction for their NFTs to avoid what the project calls “doomsday gas wars.”

***The creator of BAYC acknowledged the event and promised to reimburse gas fees for Otherdeed miners with failed transactions.

“”We are aware that some users are failing their transactions due to the incredible demand driven by Ethereum’s bottleneck. For those of you affected, thank you for your willingness to build with us – know that we’ve got your back and we’ll refund your gas.””

***Will Papper, co-founder of SyndicateDAO, argued that if Yuga Labs had performed a few gas optimization tricks, millions would have been saved.

RELATED : London Hard Fork EIP-1559: What happened to Ethereum after previous hard Forks

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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