Monkeys broke Ethereum!!

Photo by William Phipps on Unsplash

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!!

--

--

--

1profile.link/manoj

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

TEEracle: An oracle for market data

RenVM Greycore on Testnet

Vision of ZOYBLOC

BitAstir, Sports, & the Blockchain

Building a Private Ethereum Blockchain

Axelar Project RoadMap

Six Ways Blockchain is Being Used in Food and Agriculture Supply Chains

Heco Grant Round I Officially Launched

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Manoj Ahirwar

Manoj Ahirwar

1profile.link/manoj

More from Medium

What is the Binance smart chain?

I lost all my ETH deploying to Ethereum

THE AUDACITY OF THIS PLATFORM

Let’s play! Could YOU create an enterprise blockchain that wins us the war on methamphetamines?