The BAYC creators got slammed for the NFT Land drop after almost a non-existent response from the dissatisfied community as we can see more today in our latest cryptocurrency news.
Yuga Labs made a heap of ETH over the weekend and the secondary sales are still booming but not everyone is happy about the Otherside mint. The BAYC Creators got slammed after they didn’t respond to dissatisfied customers. Yuga Labs launched NFT land deeds on Saturday for the Otherside metaverse game. The sale was record-breaking and draw a lot of criticism for the sale format and the smart contract code as well as Yuga’s response after surging eTH Fas fees.
I brought many friends into the space for this drop. They were loaded with Fresh $ape and a little ETH for gas (.25E on average). Our initial thoughts were that we could simply wait out the initial heat due to the data we saw. We were very wrong. The impossible did indeed happen.
— ap3father.eth (@ap3father) May 1, 2022
The Saturday launch of NFT virtual land deeds for Otherside was the biggest NFT drop to date and yielded over $900 million in total sales volumes but wasn’t all smooth sailing. Yuga Labs offered 55,000 ETH NFT Otherdeeds which represent the digital terrain in the game and the attempt by the buyers to snap up a valuable chunk of NFTs which drove the ETH network’s gas fees to sky-high levels. Some users spent thousands of dollars on fees to push through their transaction in the minting process. The buyers spent about $180 million worth of ETH only on fees during the sale and made ETH expensive for anyone to use at the time which led to a huge backlash from NFT owners.
Let the copium tweets roll out along side the hopium tweets
People gonna justify this if they hit and gonna hate it if they didn’t
Lose lose either way with this sort of drop, those gas fees are unacceptable
— bender (@0xBender) May 1, 2022
Most prominent Bored Ape Yacht Club collectors got upset about Yuga Labs’ approach to the mint but the company didn’t quite respond. The Bored ape NFT Holder ap3father said that he has his allegiance to the community but also was disappointed with the format of the sale and the communication from the creators. The team planned to hold a Dutch auction for the 55,000 available NFTs but ahead of the mint, Yuga Labs wrote that the format was “bullshit” and said it will use a fixed price instead.
Yuga’s apology reads as if they feel they did nothing wrong, and Ethereum is to blame for the mess tonight. Meanwhile, they:
– Had a poorly optimized contract, to the point of negligence
– Allowed 2 mints per wallet amongst 40k KYC wallets that had pre-approved $ape for mint
— quit.pcc.eth (@0xQuit) May 1, 2022
Some on Twitter said that Yuga Labs could have saved the buyers the hassle with a different launch format like the scrapped Dutch auction or the allow list model that limited the sales to a number of whitelisted users and therefore eliminate the need to run for mint the NFTs at a certain time. The co-founder of SyndicateDAO Will Paper shared a thread calling out Yuga Labs’ smart contract code for having zero gas optimizations. The Otherdeed mint process recieved a lot of criticism from the NFT community but Yuga Labs tweeted:
“This has been the largest NFT mint in history by several multiples, and yet the gas used during the mint shows that demand far exceeded anyone’s wildest expectations. The scale of this mint was so large that Etherscan crashed. We’re sorry for turning off the lights on Ethereum for a while.”
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]