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- Yuga Labs, the company behind popular NFT collections like Bored Ape Yacht Club and CryptoPunks, faces backlash after supposed free Otherside giveaway mint incurs high gas fees.
Yuga Labs, the company behind popular NFT collections like Bored Ape Yacht Club and CryptoPunks, stumbled this week in their attempt to appease fans with a new NFT drop in their Ape-themed metaverse, Otherside.
🧵 1/4 We’ve seen the feedback on the LoTM Loot Mint and we agree that we got it wrong. Minting Loot on an L1 makes the item-to-gas ratio bad.
— Spencer Tucker (@EverydayZukini) February 8, 2024
The incident highlighted concerns about gas fees and Yuga’s handling of community feedback.
The saga began with Yuga offering free “Loot” NFTs as rewards to players who completed a mission in Otherside’s Legends of the Mara game.
Players eagerly minted the NFTs, only to be hit by unexpectedly high gas fees, contradicting the “free perk” promise.
This wasn’t Yuga’s first gas fee fiasco, reminding users of the $157 million spent in 2022 for virtual land plots in Otherside.
See Also: Cheap Electricity Costs In Ethiopia Is Attracting Chinese Crypto Mining Companies
Seeking to mend fences, Yuga offered a free “Catalyst” NFT as compensation. However, the community criticized this as ignoring the core issue of expensive Ethereum gas fees.
Yuga then switched gears, announcing they would reimburse all gas fees incurred during the Loot mint.
This incident adds fuel to the ongoing debate about Yuga’s dependence on Ethereum and the potential need for an alternative solution.
The ApeCoin DAO, managing the ApeCoin cryptocurrency, already advocates for their own blockchain, “ApeChain,” and is exploring options with layer-2 networks like Optimism and Arbitrum.
#Binance #WRITE2EARN
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