The Bored Ape Yacht Club ecosystem sent shockwaves through the crypto world on May 1, 2022, as Yuga Labs launched its highly anticipated Otherside metaverse land sale, generating approximately $320 million in what became the largest NFT mint in history. The event, however, came at a steep cost — gas fees on the Ethereum network skyrocketed to unprecedented levels, disrupting transactions across the entire blockchain and raising serious questions about Ethereum’s scalability.
TL;DR
- Yuga Labs sold 55,000 Otherdeed NFTs for its Otherside metaverse, raising roughly $320 million
- Gas fees spiked to around 2 ETH (approximately $6,000) per mint — more than the cost of the land itself
- Total gas fees for minting reached an estimated $123 million
- Etherscan temporarily crashed under the weight of network activity
- Yuga Labs apologized and suggested the creation of an ApeCoin-specific blockchain
The Biggest NFT Mint in History
The Otherside land sale had been building anticipation for weeks. Holders of ApeCoin who verified their identities were given the opportunity to purchase deeds for 55,000 parcels of virtual land in Otherside, the planned metaverse game and the latest expansion of the Bored Ape Yacht Club franchise. Each plot cost buyers approximately $5,800 based on ApeCoin’s price of around $19 at the time of sale, plus gas fees denominated in Ether.
The NFTs, called Otherdeeds, sold out within hours of the 9:00 PM ET launch on April 30, with the final transactions settling in the early hours of May 1. An additional 45,000 Otherdeeds were allocated to holders of Bored Ape Yacht Club and Mutant Ape NFTs, as well as to Yuga Labs and project developers, with plans for another 100,000 tokens to be awarded later to certain Otherdeed holders.
Ethereum Gas Fee Crisis
The scale of demand was so overwhelming that it effectively paralyzed the Ethereum network. Gas fees — the costs users pay to process transactions on Ethereum — surged to extraordinary levels. Each Otherdeed required roughly 2 ETH in transaction fees to mint, which at the time amounted to approximately $6,000, exceeding the price of the land deed itself.
Total gas fees for minting Otherdeed NFTs after launch reached an estimated $123 million, according to data from Etherscan. The blockchain explorer itself temporarily crashed under the volume of transactions. The ripple effects were felt across the entire Ethereum ecosystem, with decentralized applications like Uniswap experiencing slowed transaction processing as network resources were consumed by the land grab.
Yuga Labs Responds
Yuga Labs had initially planned for the sale to use a Dutch Auction format designed to ease congestion by gradually reducing the price over time. However, the company scrapped that approach in favor of a wave-based system that capped the number of Otherdeeds per wallet. The alternative plan proved insufficient to manage the overwhelming demand.
Following the chaos, Yuga Labs issued a public apology, acknowledging they had “turned off the lights on Ethereum.” The company went further, suggesting the possibility of establishing a dedicated ApeCoin blockchain — a statement that immediately sparked debate about the future of large-scale NFT projects and whether Ethereum could continue to serve as the primary infrastructure for high-demand digital asset sales.
What Happens to the Raised Funds
The ApeCoins raised in the sale were designated to be locked up for one year, meaning they cannot be sold or traded, effectively reducing the circulating supply of APE tokens. Major holders of ApeCoin, including venture capital firm Andreessen Horowitz and gaming company Animoca Brands, were confirmed participants in the sale. Animoca co-founder Yat Siu confirmed ahead of the event that his company would be purchasing land, subject to per-wallet restrictions across different sale phases.
Why This Matters
The Otherside land sale crystallized both the enormous demand for metaverse-related digital assets and the serious infrastructure limitations of the Ethereum network. With Bitcoin trading at approximately $38,469 and Ethereum at $2,828 on May 1, the crypto market was already navigating a challenging macroeconomic environment. The fact that users were willing to pay more in gas fees than the actual cost of the digital land parcels speaks volumes about speculative fervor in the NFT space. For the broader blockchain technology ecosystem, the event became a defining case study in network congestion, fee market dynamics, and the urgent need for scalable solutions. Yuga Labs’ suggestion of an ApeCoin-specific blockchain hinted at a future where major NFT projects might bypass general-purpose smart contract platforms entirely.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making investment decisions.
i paid 1.8 ETH in gas for a mint that failed. the refund mechanism took 3 weeks. 2022 Ethereum was held together by duct tape and hopium
320M raised and they told people to build their own chain. you cant make this up. peak 2022 arrogance from a project that got lucky with cartoon apes
paid 2 ETH in gas to mint a jpeg thats now worth 0.8 ETH. peak degen hours
the gas was brutal but otherdeed actually held value better than most land projects from that era. still underwater tho ngl
otherdeed held better than most 2022 nft projects tbh. still a loss but not total zero like moonbirds or doodles
$123 million in gas fees alone. thats not a mint, thats a tax on fomo
123 million in gas fees. that money went straight to miners. yuga basically funded the next halving cycle lmao
123M in gas to miners during a single mint. that money literally funded the merge runway. yuga accidentally subsidized ethereum security lmao
gwei pain thats not even the full picture. total including successful mints was closer to $180M in gas across the whole event
yuga suggesting their own chain was the most condescending moment in crypto history
suggesting apechain when you just broke ethereum was peak arrogance. just optimize your mint contract next time
Vera T. suggesting your own chain after breaking the parent chain is next level. imagine if ETH just said use ETH after a gas crisis
Vera T. telling users to build your own chain after you broke theirs was wild. imagine a restaurant burning down the block and suggesting you open your own kitchen
gasvictim suggesting apechain after breaking ETH wasnt arrogance, it was deflection. pure misdirection from their own broken mint contract
gas fees exceeded the mint price. you literally paid more to fail than succeed. peak eth 2022 dysfunction
landbaron_ paying more in gas than the actual NFT cost. peak 2022 bull market logic
landbaron_ paying more in gas than the NFT itself. i failed 3 transactions and still paid gas for each. 2022 was a different kind of insane
Roberto F. i feel your pain. failed twice, succeeded once, paid gas on all three. the NFT is now worth 15pct of what i spent on fees alone
55K otherdeeds at ~5 APE each and gas was 2 ETH per mint. yuga made $310M, miners made $123M, users got a jpeg worth 0.8 ETH now
jpeg_vault_ 2 ETH gas per mint on top of 5 APE. the math was brutal. you paid more to miners than to yuga for the actual land
jpeg_vault_ $123M in gas to miners during a mint. ETH was literally unusable for 3 hours because of one project. peak congestion era
$123M in gas to miners during a single mint. ETH validators were the real winners of the 2022 NFT boom, not the projects or the buyers