Yesterday’s sales exceeded $300 million NFT Yuga Labs, the founder of Bored Ape Yacht Club, which broke a record by selling Ethereum He is considering abandoning his blockchain.
Ethereum Blockchain Has Hard Time Due To Yuga Labs’ NFT Sale
With the execution of the largest NFT minting event in history, the Ethereum Blockchain was overloaded and therefore had to pay transaction fees much higher than usual. Users paid an average of around $6,000 for Otherdeeds NFTs, which represent plots in the company’s Metaverse project, on top of that, with transaction fees of between $4,000 and $10,000.
However, these same NFTs are currently on sale on OpenSea for as little as $18,000.
Making a statement on the subject, Yuga Labs stated that they predicted large increases in transaction fees before the sale, so they only allow KYC-verified users to make purchases. In addition, the company, which took measures such as making NFT sales at a fixed price, could not avoid high transaction fees.
The Etherscan platform also crashed due to the sale and purchase transactions.
“It’s Time for ApeCoin to Move to Its Own Blockchain”
The company made a statement of ApeCoin He said that from now on he has to switch to his own Blockchain and they will leave Ethereum. The company called the platform’s DAO to work on this issue.
We’re sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We’d like to encourage the DAO to start thinking in this direction.
— Yuga Labs (@yugalabs) May 1, 2022
Yuga Labs also said that they are aware that some users are not able to purchase NFT due to the bottleneck in the Ethereum Blockchain, despite paying transaction fees, and that they will be refunded their transaction fees.
*Not investment advice.