Monkeys broke Ethereum!!
Bored Ape Team Yuga Labs launched their own metaverse called Otherside where they were selling virtual lands.
Otherside consists of 55,000 plots that were for sale at the time of launch. When minting started due to a huge amount of interest, It added a huge load on the Ethereum blockchain, and because the gas fees were in thousands and the worst part is if you paid gas fee it didn’t guarantee that you will be able to mint your virtual plot.
due to this huge interest, Yuga labs got around $320 million, Yes you read that right. and it was a win situation for Ethereum miners as well. because of the huge load miners earned around 80 million dollars.
During the time of this load, the Ethereum blockchain was so occupied that normal transactions were getting stuck for so much time and this created yet another concern about the scalability of the Ethereum blockchain because of this issue Bored Ape team Yuga Labs announced that they will work on creating their own blockchain (well, we will see about that).
Many people also did a quick flip of virtual plots and make big money. On Opensea.io the current floor price is around 3.6 ETH.
Cheers!!
