Yuga Labs, the company behind popular NFT collections like Bored Ape Yacht Club and CryptoPunks, stumbled this week in their attempt to appease fans with a new NFT drop.
Yuga Labs, the company behind popular NFT collections like Bored Ape Yacht Club and CryptoPunks, stumbled this week in their attempt to appease fans with a new NFT drop in their Ape-themed metaverse, Otherside. The incident highlighted concerns about gas fees and Yuga's handling of community feedback.
The saga began with Yuga offering free "Loot" NFTs as rewards to players who completed a mission in Otherside's Legends of the Mara game. Players eagerly minted the NFTs, only to be hit by unexpectedly high gas fees, contradicting the "free perk" promise. This wasn't Yuga's first gas fee fiasco, reminding users of the $157 million spent in 2022 for virtual land plots in Otherside.
Seeking to mend fences, Yuga offered a free "Catalyst" NFT as compensation. However, the community criticized this as ignoring the core issue of expensive Ethereum gas fees. Yuga then switched gears, announcing they would reimburse all gas fees incurred during the Loot mint.
This incident adds fuel to the ongoing debate about Yuga's dependence on Ethereum and the potential need for an alternative solution. The ApeCoin DAO, managing the ApeCoin cryptocurrency, already advocates for their own blockchain, "ApeChain," and is exploring options with layer-2 networks like Optimism and Arbitrum.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
