Un commerçant NFT a payé 500 000 $ pour frapper 1000 Tubby Cats NFT

Ethereum’s high gas costs have when again reared its unsightly head, as one NFT trader paid over $500,000 to mint 1000 non-fungible tokens from the Tubby Cats NFT collection.

$500,000 paid as gas charges

According to available information on Etherscan, the specific paid 204 ETH, which approximately equates to $553,000 as gas costs for a transaction worth 100 ETH ($270,994). This implies that it costs this trader 300 ETH ($785,640) to mint the 1000 NFTs.

Someone simply payed 200 eth ($553,064.19) in gas (not mint price simply pure gas) on the Tubby Cats mint right now. Yes it went through & he got 1000 mints https://t.co/IlpgKjYgLF pic.twitter.com/T6iTTyALNG

— cr0ss.eth (@cr0ssETH) February 23, 2022

Significantly, this is not the first time that a deal on the Ethereum blockchain has attached such big charges. In 2015, we reported a case where Bitfinex paid over 7,000 Ethereum (worth $23 million) to move simply $100,000 worth of USDT to a wallet.

This transaction, along with the wave of others, led the network to execute the EIP– 1559 upgrade created to push the network fees lower.

Remarkably, a recent CryptoSlate report revealed that the gas fees on the Ethereum network went listed below 40 gwei, the most affordable in 6 months, for fast deals with confirmation times well under 30 seconds.

Nevertheless, this incident shows that there could still be freak occasions when the network’s fees rise to uncharted territories.

Why the trade might have attracted high costs

Etherscan information shows that the trader paid the outrageous charge to mint 1000 units from the Tubby Cats NFT collection.

The feline collection includes 20,000 special tokens and presently has over 10,000 holders. The collection has actually amassed much interest from the NFT neighborhood, which appears immune to the current bearish nature of the general crypto market.

Per information from OpenSea, the flooring cost of the NFTs stands at 0.61 ETH, and it is the second most traded collection on the NFT market within the last 7 days.

The project started its 48-hours whitelist mint on Monday and utilized a « progress expose system » that avoids traders from making the most of lower costs to purchase all the rarest products.

Evaluating by the foregoing, this suggests that the trader must have had the objective of getting a few of the rarest tokens in the collection and paid the fees for his transaction to be quickly validated.

Currently, there are speculations that the trader could be in profit evaluating by the floor cost of the NFTs.

Ethereum high gas charges and competing blockchains

While Ethereum miners keep smiling at the bank due to the substantial deal fees on the network, other clever contract-enabled blockchains like Cardano, Avalanche, Terra, and Solana are slowly consuming into the market share of the second-largest crypto asset by market cap.

Reports from leading financial institutions like JPMorgan and the Bank of America have presumed that Ethereum might lose its dominance in DeFi and NFTs to its rivals due to its scaling issues and high gas fees.

To put this in perspective, CryptoSlate reported that Cardano’s deal volume has actually two times flipped that of Ethereum in current weeks, showing that more traders are looking at alternative blockchains whose costs are cheaper and faster.