It was an exhausting weekend in the NFT world, with the focus solely on Yuga Labs and the ‘OtherDeed’ land drop.
We saw an entire week of speculation leading up to Saturday around the number of KYC’d wallets, who held enough APE to mint, etc. — and although the numbers continued to grow, it didn’t seem SUPER concerning.
But Saturday night brought a perfect storm of factors for a gas war, with the end result being over $140M (!) in ETH burned and most users paying upwards of 2 ETH in fees alone.
It was a horrible experience for all, and one of the first times we’ve really seen some poor execution from the Yuga team. It’s even more frustrating because it was seemingly so avoidable. Several other major NFT projects have already executed extremely effective ways of avoiding what went down on Saturday: