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Bored Yacht Club Logs “Largest NFT Mint in History”, Disrupts Ethereum Blockchain : Tech : Tech Times

**Title: Bored Yacht Club Shatters Records with Largest NFT Mint, Disrupts Ethereum Blockchain**

The Bored Ape Yacht Club, a popular web3 company behind the creation of the Bored Ape NFT collection, recently made waves in the blockchain world by conducting the largest NFT mint in history. The club’s parent company, Yuga Labs, launched a sale of virtual plots of land for its upcoming metaverse project called Otherside, which resulted in a frenzy of activity on the Ethereum blockchain.

### Historic NFT Mint:
Yuga Labs managed to sell over 55,000 “Otherdeeds” during the mint event, each priced at 305 ApeCoins, roughly equivalent to $5,800 at the time of purchase. This translated to a staggering $320 million in sales, setting a new record for the largest NFT mint ever. However, the unprecedented demand also led to skyrocketing gas fees, costing millions in transaction fees.

### Impact on Ethereum:
The Otherdeeds were minted using BAYC’s native ApeCoin, Yuga Labs’ cryptocurrency, necessitating Ethereum for gas fees. As a result of the high volume of transactions during the mint, gas fees spiked significantly. Some buyers reportedly paid gas fees ranging from 2.6 ETH to 5 ETH, totaling around $123 million – surpassing the value of some NFT purchases.

### Calls for Change:
Following the mint, Yuga Labs acknowledged the disruption caused by the surge in transactions, leading to delays and increased gas fees. The company issued an apology on Twitter, expressing intentions to migrate ApeCoin to its own blockchain for better scalability. They also assured users impacted by failed transactions that they would be refunded for their gas expenses.

### Unforeseen Demand:
The overwhelming demand for the Otherside project exceeded Yuga Labs’ expectations, resulting in a strain on Ethereum’s network and causing services like Etherscan to crash. Despite the challenges, the company emphasized its commitment to the community and pledged to rectify any financial losses incurred by minters due to failed transactions.

### The Future of Otherside:
Yuga Labs recently secured $450 million in funding for the Otherside metaverse project, showcasing significant market interest and investor enthusiasm. While details about Otherside remain scarce, the success of the NFT mint underscored user enthusiasm and confidence in the project’s potential.

The Bored Ape Yacht Club’s disruptive NFT mint not only made headlines for its record-breaking sales but also highlighted the challenges and opportunities in the evolving blockchain landscape. As the blockchain ecosystem continues to evolve, such high-profile events serve as a testament to the growing intersection of art, technology, and decentralized finance.

**Disclaimer**: This article is based on content originally published on Tech Times and authored by Joaquin Victor Tacla.