Bored Ape creators crash Ethereum’s blockchain after NFT sale

Yuga Labs, the company behind the Bored Ape Yacht Club non-fungible tokens (NFT), caused the Ethereum network to crash temporarily after a sale of metaverse plots of land overwhelmed the blockchain.

Some 55,000 plots were sold for an upcoming multiplayer metaverse game called Otherside, with each plot sold at £4,500 or 305ApeCoin, a currency created by the company.

Those who attempted to secure NFTs on the site while the sale was ongoing found that the transaction fees were rising higher as more users attempted to purchase an “Otherdeed.”

In fact, one user paid more in transaction fees than they paid for the plots of land, according to the Guardian.

As well as that, some users lost money if they were unable to complete the purchase, as transaction fees weren’t refunded should an individual run out of time while paying.

Molly White, a cryptocurrency expert quoted in the Guardian, said “gas fees, which increase based on network congestion, spiked to shocking levels.”

However, many of those who were fortunate enough to secure an “Otherdeed” were able to double their money, with the tokens reselling for £9,000.

Over US$400mln was spent on Otherside NFTs, with Yuga Labs pocketing US$300mln and US$100mln paid in transaction fees.

Yuga Labs apologised for temporarily crashing the Ethereum blockchain and, consequently, the Ethereum cryptocurrency.

“We know that the Otherdeed mint was unprecedented in its size as a high-demand NFT collection, and that would bring with it unique challenges,” Yuga said.

“We’re sorry for turning off the lights on Ethereum for a while.”