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The Yuga Labs Catastrophe Could Have Been Prevented
Possibly the largest non-fungible token (NFT) sale in Ethereum history, the Otherside “virtual land sale” pushed Ethereum fees high enough to render the entire network virtually unusable for several hours on Saturday.In case you missed it – the highly anticipated NFT launch netted over $400 million in sales for Yuga Labs, the startup behind the Bored Ape Yacht Club NFT collection. It also generated an unprecedented $100 million in Ethereum gas fees in just under an hour.In at least one sense, the recent spike in Ethereum gas prices is kind of like the surge in prices for the other kind of...…Possibly the largest non-fungible token (NFT) sale in Ethereum history, the Otherside “virtual land sale” pushed Ethereum fees high enough to render the entire network virtually unusable for several hours on Saturday.In case you missed it – the highly anticipated NFT launch netted over $400 million in sales for Yuga Labs, the startup behind the Bored Ape Yacht Club NFT collection. It also generated an unprecedented $100 million in Ethereum gas fees in just under an hour.In at least one sense, the recent spike in Ethereum gas prices is kind of like the surge in prices for the other kind of...WW…
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