Yuga Labs, the creators of the Bored Ape Yacht Club (BAYC) NFT project and Otherside metaverse, plans to refund users who were subject to failed transactions on the weekend’s Otherdeed land sale event.
What Happened: According to a Twitter (NYSE:TWTR) update from Yuga Labs on Wednesday, the team said it had refunded gas fees to all users who suffered failed transactions.
We have refunded gas fees to everyone who made a transaction that failed due to network conditions caused by the mint. The fees have been sent back to the wallets used for the initial transaction. Here’s how to find your refund…“The fees have been sent back to the wallets used for the initial transaction,” the team said.— Yuga Labs (@yugalabs) May 4, 2022
“Your refund for gas fees will show there, issued from http://Multisender.app. If you had multiple failed transactions, they were combined into one refund.”
The Otherdeed land sale generated $300 million in sales for Yuga Labs, but users spent a collective amount of $150 million in Ethereum (CRYPTO: ETH) gas fees alone in trying to mint the NFTs.
At least 10,000 users reported failed transactions, amounting to a collective $4 million worth of fees being lost to unsuccessful NFT minting attempts.
“We are aware that some users had failed transactions due to the incredible demand being forced through Ethereum’s bottleneck,” said Yuga Labs at the time, promising to reimburse the gas fees for those users affected.
After the incident, the project said that its native token ApeCoin (CRYPTO: APE) would likely need to migrate out of Ethereum and into its own blockchain to “properly scale.”
The price of APE declined sharply on the day of the mint, falling 33% over a 24-hour period. On Wednesday, APE saw a 20% surge after Tesla Inc (NASDAQ: TSLA) CEO changed his Twitter profile picture to a collage of BAYC NFTs.
At press time, APE was trading at $16.20, up 10% over the last 24 hours.
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