Speculators and quick flippers 3x their investment while gas fees in dollars peaked
Web3 company Yuga Labs has seen investors and enthusiasts pay some of the highest gas fees ever on Ethereum to get their hands on NFT land parcels in their upcoming virtual world Otherside. The community had anticipated the land sale for weeks, but Yuga Labs failed to deliver the 95,624 land parcels to the buyers smoothly.
The event most of the NFT and wider crypto industry patiently waited for is done and dusted. After a land sale for the Yuga Labs metaverse project, The Otherside, we’ve seen some of the highest gas fees ever paid on Ethereum. Buyers paid $6,000 per land parcel, while gas fees could potentially double that amount at the peak of the sale.
Summary
- 95,000 Otherside land NFTs sold for around $6000 each, netting around $600 million
- Ethereum gas fees reached an average of $474 per transaction on May 1st
- Gas fees in Gwei hit their 3rd highest point in the last five…
