Yuga Labs Saw $561M In Otherside ETH NFT Sales In One Day

Yuga Labs saw $561 million in Otherside ETH NFT Sales in one day which caused the Ethereum gas fees to surge to thousands of dollars per transaction as the data from Etherscan shows, so let’s have a closer look at our latest Ethereum news.

Yuga Labs saw millions in sales and it is the startup behind the Bored Ape Yacht Club which is valued at $4 billion and had its anticipated Otherside metaverse mint on Saturday whcih clogged the ETH mainnet and sent the gas prices to new highs. In less than a day, Yuga Labs generated more than $561 million from the Otherside NFT sales. The NFTs are unique blockchain tokens whcih signify ownership of the physical asset and in the case of Otherdeeds which is meant to be the key to claiming land in Otherside, the upcomign metaverse game of Yuga Labs.

Nearly $100M has been spent on gas for the BAYC land sale in one hour. This is money that could have gone to Yuga or stayed in user's pockets.

The contract had nearly zero gas optimizations. I'll explain a few gas optimization tricks that could have saved many millions below 👇 pic.twitter.com/CsYvWdEQKc

— Will Papper ✺ (@WillPapper) May 1, 2022

Some 55,000 NFTs were minted at 305 APE each which emans that Otherdeed cost about $5800 given the Apecoin price and Yuga Labs raked in over $318.7 million from the mint. According to the data, Otherdeed saw over $242 million in total secondary volume traded, and of the figure, over the $190 million was on OpenSea. Because of the high number of NFTs and the high demand, the Otherdeed mint started at 9 pm EST on Saturday, it caused an ETH gas war, and the traffic on block explorer Etherscan led to reports that the site was not working for many users.

The Otherdeed NFT mint is sold out – we are awestruck at the demand shown tonight. Apes and Mutants, the opening of the 21-day claim period is being delayed until the price of gas drops to reasonable levels. We’ll tweet when the claim opens. https://t.co/iRz64lklbv

— OthersideMeta (@OthersideMeta) May 1, 2022

The gas was can occur on the PoW chains like Ethereum when the increase in demand for a fast transaction often clogs a network and send fee soaring as the users try to cut to the front of the line. The Ethereum gas fees can see huge spikes in these times and last night was no different as fees now spiked to thousands of dollars per transaction. While some were able to get their transactions processed in a few hours for a few hundred dollars in gas fees, others reported they paid about $4000 for a transaction.

🤦

— zeneca.eth (gone,fishing) 🔮 (@Zeneca_33) May 1, 2022

Otherside-related transactions consumed over 64,000 eTH in gas fees at the time of writing which is about $180 million and pointed out that the fees didn’t have to be that bad for Yuga LAbs that implemented new backend optimization. The co-founder of SyndicateDAO Will Paper wrote that the Otherdeed smart contracts have almost zero gas optimization and argued that modifying the few words would have saved up to $80 million in gas fees.