Remember the time BAYC stated that there would be no Dutch Auction for the Otherdeeds land sales? The team claims that the intention was to avoid gas warfare during minting. Apparently, the total opposite happened when the minting took place at 9 pm ET on the 30th of April.
The Ethereum gas price soared almost immediately after the first wave of sales. Guess what? Guess what? 26 ETH (around $6,200 at that time) in gas fees just to mint 2 plots of Otherdeeds. That’s almost equivalent to the price of one land plot valued at $6,621 two days ago.
BAYC fans went bananas after paying high Ethereum gas fees to mint Otherdeeds land NFTs
One thing for sure is that the Otherdeeds land sale was a huge success for BAYC. According to Watcher Guru, BAYC managed to pocket $245 million of revenue from the high-profile sale 2 hours after launch. This is already more than half of the $455 million revenue projected in the leaked pitch deck if both rounds of the land sales were to go through this year. Many fans were grateful for the success of the minting, despite having to pay a high gas fee. “The 2.7ETH in gas was probably the most painless transaction I’ve ever done,” commented @Gruossome who successfully minted 2 Otherdeed parcels during the first wave of sale.
In reality, some landowners have already posted their Otherdeeds up for sale on OpenSea. The collection currently trades at a floor price 7. 89 ETH (about $21,900 per plot). Given the scenario above, landowners could be potentially sitting at a 125% profit in dollar value. Even if it means you have to pay a high gas cost, this is a good trade.
What can we do to avoid high gas fees in future NFT mints on Ethereum?
Looking at the high gas prices during the Otherdeeds NFT mint, NFT Worlds co-founder @iamarkdev gave a few suggestions. One of them is that Yuga Labs’ devs could have avoided using ERC721Enumerable in the smart contract. According to him, this would significantly reduce gas usage by 60% to 70% per transaction.
In addition, @iamarkdev also proposed using the ERC721A contract to help reduce gas fees. This is because, in an ERC721A contract, you can mint multiple NFTs for the same cost as minting a single NFT.
What were Yuga Labs’ comments on the high gas fees?
Of course, Yuga Labs acknowledged that the team did not expect such an overwhelming demand for Otherdeeds NFTs until they saw gas fees skyrocket through the roof. Etherscan crashed at times due to the sheer scale of the mint.
In fact, the team suggested that ApeCoin may need to migrate to its blockchain in order to scale properly. The team also suggested that the DAO be encouraged to look into this idea.
The team is also aware of some users who experienced failed transactions during the mint. If you were one of those affected, you can contact Yuga Labs to get a refund of your gas fees.
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