After a sharp decline in gas costs since the third quarter of 2021 (Q3-2021), there has been a surge that has taken fees to an unbelievable new peak.

Yuga Labs sells over $300 million in NFTs

Yuga Labs (BAYC’s NFT collector creator) launched the sale to Otherdeeds. These are digital land deeds that represent their latest venture, The Otherside metaverse.

Yuga Labs was able to sell 55,000 NFTs for more than $319 million almost immediately after Otherdeeds’ eagerly awaited sale. NFTs were not able to be minted in ApeCoin. However, they needed ETH to cover the gas costs.

Ethereum Gas Fees At Record Highs

Ethereum gas prices soared to record levels as the sales intensified starting May 1. To complete Ethereum transactions, customers paid $3,800 up to $6.500 (some reports $14,000). According to Ethereum Gas tracker

Tracker for Ethereum gas. Source: Etherscan

Otherdeed contributed the most gas to Ethereum. It grew more than 42,000% between May 1 and 2.

The gas price for Ethereum dropped to $2.63 per transfer as of 09:43 UTC

Tracker for Ethereum gas. Source: Etherscan

Flipside

• It’s more than 71.700ETHETH issuance was forced into deflationary territory 18% because of the high demand.

Why you should care

Merge is expected to permanently resolve the issue of Ethereum’s gas fees.

Continue reading on DailyCoin