ETH gas price surges as Yuga Labs cashes in $300M selling Otherside NFTs By Cointelegraph


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

While the community was witness to the largest nonfungible token (NFT) mint yet, gas prices rose to unprecedented levels, in addition to users experiencing failed transactions due to blockchain bottlenecks.

Bored Ape Yacht Club creator Yuga Labs launched a sale of Otherdeed nonfungible tokens that represent digital land deeds on their new venture, the Otherside metaverse. With each piece of land selling at 305 ApeCoin (APE), or nearly $5,800 at the time of the sale, Yuga Labs made $319 million after 55,000 NFTs sold out almost instantly.

Ethereum gas tracker. Source: Etherscan
Data on biggest contributors to gas fees. Source: nansen