Photo: REUTERS / NEXO / copyright
The NFT project Bored Ape Yacht Club (BAYC) put up for sale this Sunday, May 1, a collection of lots of land that They will be part of the new metaverse in which they have been working for months. The announcement caused a spike in demand that triggered a large number of transactions in the ethereum network that caused the increase in commissions to carry out operations .
Yuga Labs, the company behind the project, made the official announcement, causing the lawsuit for the new lands are skyrocketing as Bored, in addition to having a large fan base, is one of the most sought-after NFT collections in the world.
De According to the etherscan.io website, during the peak of transactions, commissions reached an average of $399. However, some users stated that the system charged commissions of up to $4,660 for making a payment equivalent to $5.
this is why they’re so high, btw. gas fees go up based on demand, and bored apes is minting 16k very-hyped NFTs at the momenthttps://t.co/gJRP12gMcR
— Molly White (@molly0xFFF) May 1, 2021
This increase in commissions has an explanation and it is that the gas fee system, as it is known the fees charged for sending money through the network of ethereum, fluctuates depending on the number of operations that are being carried out at the moment. This means that in those periods in which a high number of transfers are being processed, the costs associated with commissions will increase proportionally.
Historical sale
According to the information published by Yuga Labs in total they were put up for sale 16,12 lots of terrain in the Bored Ape metaverse. Each of them was priced at approximately $5,500, which translates to that the company generated revenues of more than $300 million dollars.
“This has been the largest NFT minting in history by several multiples, and yet the gas used during the operation shows that demand far exceeded anyone’s wildest expectations,” Yuga Labs said on its Twitter account.
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.— Yuga Labs (@yugalabs) May 1, 2022
They added that what happened with the commissions of the ethereum network shows that later they must evaluate the possibility of taking the project to a new network that allows better handling of large volumes of simultaneous transactions.
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