More than $150M Burned in Gas Fees During Otherside NFT Mint

In the last two months, “NFTs” have exploded in popularity. But one of the main issues with these new assets is their lack of scarcity and demand-driven supply. In a world where $150M has been burned on gas fees for buyers to buy scarce digital collectables like ownership tokens for Ethereum’s ERC-721 standard, why does this specie still have such an issue?

The “nft minting calculator” is a tool that allows users to calculate the cost of minting NFTs. The tool takes into account gas fees, block rewards, and the current price of Ether.

The long-awaited property auction and public premiere of Yuga Labs’ ‘Otherside’ metaverse project took place on Saturday. The event was, as predicted, the biggest NFT mint to date, but the ensuing gas battle left many community members with a bitter taste in their mouths and empty wallets. 

The mint was an undeniable success in terms of money generation, since its 55,000 Otherdeeds NFTs, which individually represent rights to pieces of virtual land in the forthcoming metaverse realm, sold out in within three hours, with each NFT costing the mint 305 $APE (about $5,800). The mint made over $320 million in total, albeit this amount has now decreased to around $285 million due to the reduction in the value of the Australian dollar.

The mint’s record earnings wasn’t the only topic of conversation, as it also generated some of the largest gas costs in the Ethereum network’s history, with investors spending over $176 million on fees alone. Huge gas cost accumulations (where a single fee might vary from 2.6 ETH ($6,500) to 5 ETH ($14,000) were included in this startling amount, as well as about $4.4 million worth of ETH lost in over 15,000 unsuccessful transactions. 

In addition, savvy developers have pointed out that the mint’s exorbitant costs are owing to the smart contract’s poor optimization. The Otherdeeds contract burnt more Ethereum than MetaMask’s swap router and Ethereum Name Service combined in their entire lifetime, while being operational for less than four hours.

In response, Yuga Labs issued a public apology and hinted at reimbursing traders’ gas expenses, but it’s unclear how this procedure would work. The exorbitant costs have inevitably generated doubts about Ethereum’s long-term sustainability as a host for large-scale projects, prompting Yuga Labs to contemplate developing its own specialized blockchain: They claimed on Twitter that “it is clearly evident that ApeCoin will need to move to its own chain in order to fully grow.”

Despite such attempts to correct their errors, the ever-enthused NFT community is still in turmoil, with many claiming that Yuga’s reference of Ethereum’s flaws is more of a diversion technique than an admission of culpability. 

Despite only being active for about 48 hours, the project’s figures in the wake of such controversy do not indicate any lingering bitterness, as rare Otherdeeds are selling for upwards of 250 ETH, and the collection’s overall trading volume on secondary markets has exceeded 165,000 ETH, making it the 8th most traded NFT collection ever.

 

The “nft minting fees” is a recent story that has been making waves. The Otherside NFT Mint burned more than $150M in gas fees during the last year.

Related Tags

  • coinmetrics
  • state of the network
  • coinmetrics substack
  • nft price prediction 2025
  • nft marketplace

Leave a Comment

Your email address will not be published.

Most Recent

Categories

Share:

Share on facebook
Share on twitter
Share on pinterest
Share on linkedin
Scroll to Top