Ethereum antics! – Yuga Labs refunded gas costs of all those who failed to mint a Non-Fungible Token (NFT) “Otherdeed” on April 30. The company announced this in a tweet on Wednesday, May 4, 2022. Yuga Labs, which is behind the NFT Bored Ape Yacht Club Collection, is looking to make good figure after chaotic sale of its virtual lands.
Yuga Labs reimburses doubly harmed customers
Yuga Labs has spent a total of 90.57 ETH (about 265,000 USD) for approximately 640 refunds. Also, the largest individual refund was 2.6 ETH (about $7,500). The company also spent 0.26 ETH (about $783) in gas fees in order to send all the refunds.
“We have refunded gas fees to everyone who made a transaction that failed due to network conditions caused by the mint (…) The fees were sent back to the wallets used for the initial transaction. »
Statement from Yuga Labs on Twitter
This refund is a commendable choice on the part of Yuga Labs after the first sale of land for its metaverse “Otherside”. Indeed, the initial launch of the 55,000 NFTs forced investors to pay over $100 million in transaction fees Ethereum.
>> Do you want to trade Ether and cryptocurrencies without breaking the bank? AscendEX opens its arms to you (affiliate link) <<
Between scams and Ethereum, there are monkeys
Yuga Labs had announced the refund a few days before. The company had also warned againstpotential phishing scams. Users have reported that they have been numerous over the past few days. However, the technique of pretending to be a company in order to siphon investors’ wallets is beginning to be known.
Yuga Labs wanted to reduce the risk of potential scams on the refund back-end. As a result, the company called on MultiSender to redistribute the funds. MultiSender is an application that does not require interaction with wallets. Nor does it ask to confirm a contract before receiving payment.
Following the many technical difficulties of the launch, Yuga Labs hinted at the potential move of its metaverse from Ethereum to its own blockchain. However, no details concerning a possible development have filtered since.
In November 2021, Ethereum co-founder Vitalik Buterin has proposed a new block size limit to reduce the overall cost of gas. While the community embraced the suggestion, it took more than four months to implement EIP-4488 on the Ethereum-sidechain testnet on Geth. Community member Qi Zhou has confirmed plans to upgrade the testnet within a month.
Will changing the blockchain make the BAYC monkeys smile? Either way, you can relax: Sign up for AscendEX today. The platform offers you a 10% reduction on your trading fees (affiliate link, see conditions on site).