A total of 55,000 otherdeeds sold at a flat price of 305 apecoin, or around $ 5,800 at the time of purchase, raising about $ 320 million in what was considered the’largest NFT mint in history’.

A gas fee is the cost associated with a transaction on the Ethereum blockchain. Fees typically increase as the network gets more congested, as it becomes more work to process a transaction.

Reddit user u-johnfintech pointed out that buyers shelled out anywhere from 2.6 ETH to 5 ETH ($ 14,000) in gas fees alone. By the time the virtual land deeds sold out, buyers paid a total of about $ 123 million just to execute their transactions on the Ethereum blockchain.

‘it seems abundantly clear that apecoin will need to migrate to its own chain in order to properly scale,’ yuga Labs said. The apecoin DAO, the entity responsible for making decisions within the apecoin community, exists separately from yuga Labs.

Apecoin will need to migrate to its own chain in order to properly scale. We’d like to encourage the DAO to start thinking in this direction.

The disruption slowed transactions on ethereum-linked services. Users also reported losing thousands of dollars to gas fees in failed transactions.

Yuga lab said it would ditch the popular Dutch auction style of minting. An NFT goes up for sale at a certain ceiling price and is then incrementally lowered over time.

There will be an intentionally low per-wallet limit on the number of nfts that may be minted. Once the initial wave of relatively low-gas transactions have been submitted, and the network starts to calm. Those who are satiated will sit this wave out, while those with more apecoin to spend will mint.

Yuga Labs optimize its contracts to lower gas fees and adjust its mint mechanism. Some users propose ways to improve the process in the future.

This takes place both via the design of the mint the smart contract. It takes place on both via design of a mint and smart contract gas is money that could go to builders.