The NFT Mint Event That Crashed Etherscan

Few hours ago I ranted about wishing I got into the Bored Ape NFT family at its initial stage on Bored Ape NFT & Coin Pump : The Otherdeeds NFT Airdrop Is Almost Here. This was always because of how much the bored ape verse assets are alway appreciating because of the constant development the Dev team come up with. The latest feature is the other side, a metaverse with virtual lands called otherdeeds. The total meant to be minted were 55,000. Quite different from the quantity we were used to, it’s usually 20,000 but this time, 55,000.

Few weeks ago or rather, a month ago, the ape token was released as the official native token for the bored ape NFT universe. This token was required to mint these Otherdeeds NFTs on opensea, this made opensea list the ape token as one of its minting token. Why not? Bored ape has been known to drive in a lot of trading volume on the Opensea market place. About 300+ ape token was required to mint this otherdeed NFTs.

The Ape token spiked, being an investor, I was happy, I mean I watched the price move above 100%. As usual, I bought the ape token to HODL, that’s my little way of being part of the bored ape family. The price went from $11 last week to $27 yesterday. Of course the demand was getting high because everyone was buying hoping they would mint these otherdeed NFTs. Except me and other people like me though, I don’t have $6,000 to spare to mint these NFTs. So all I could do was watch and enjoy the show.

But to mint these NFTs you need some ETH for gas fees, because these were NFTs on the Ethereum blockchain. When the mint time was open, the demand went really high, lots of people were willing to pay high ETH gas fees to make sure they successfully minted some otherdeeds. The ETH gas fee went so high, congested the blockchain and crashed the etherscan for sometime. If anyone was transacting across the Ethereum blockchain at that moment, I am sorry for how much gas fees you must have paid. People were willing to pay so much to mint these otherdeeds, within few minutes or hours the otherdeeds got sold out.

Yuga labs, the dev team behind the project, made over $300 Million from the sales, how incredible? These otherdeeds are deeds to a virtual land that has a unique environment and scenery, you will need a deed to claim this land. Just like you would admire and value a physical land with unique resources or distinctive artifact is the same way the lands being claimed with these otherdeeds will be.

The floor price of these otherdeeds is 7.79 ETH, that’s over $21,000 worth. The demand for these otherdeeds are still that people are still buying these coins otherdeeds per second.

Let’s go back to the crash of etherscan, this is another show of lack of scalability from Ethereum, coupled with the fact that Ethereum works on proof of work mechanism. The bored ape team are suggesting having their own blockchain to make things smoother and better for their investors. This is because, lots of people lost ETH due to failed transactions and Yuga labs have decided to refund everyone their money.

While watching this, I tried imagining what would have happened if the Hive blockchain was used, so do you think the Hive blockchain is scalable enough to withstand such amount of transactions in a day? I don’t know though, I would like a reply if anyone knows.

As usual the Bored Ape Yacht Club NFT holders got an otherdeed for free. 1 Bored Ape = 1 otherdeed. Those with mutant ape got otherdeed as well, 1 Mutant Ape = 1 otherdeed. So if you owned a bored ape and a mutant ape you have 2 otherdeeds.

Images were taken from screenshots of the YouTubevideo trailer.

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