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ETH gas price surges as Yuga Labs cashes in $300M selling Otherside NFTs -Breaking


ETH gas prices surge as Yuga Labs makes $300M from Otherside NFTs

The community witnessed the biggest NFT mint ever, but it was not the best.ETHGas prices reached unprecedented highs, and users experienced failed transactions because of blockchain bottlenecks.

Yuga Labs, creator of Bored Ape Yacht club, launched an auction for Otherdeed non-fungible tokens. NFTs represent digital land deeds in their latest venture, The Otherside metaverse. Every piece of land is sold separately. SellingYuga Labs earned $319 Million after selling 55,000 NFTs almost immediately at an instant price of 305 ApeCoins (APE), or close to $5,800.

Tracker for Ethereum gas. Source: Etherscan
Information on the biggest gas fee contributors. Source: nansen