One NFT trader paid $500,000 to mint 1000 Tubby Cats NFT

Ethereum’s precocious state fees person erstwhile again reared its disfigured head, arsenic 1 NFT trader paid implicit $500,000 to mint 1000 non-fungible tokens from the Tubby Cats NFT collection. 

$500,000 paid arsenic state fees

According to disposable data connected Etherscan, the idiosyncratic paid 204 ETH, which astir translates to $553,000 arsenic state fees for a transaction worthy 100 ETH ($270,994). This means that it costs this trader 300 ETH ($785,640) to mint the 1000 NFTs.

Someone conscionable payed 200 eth ($553,064.19) successful state (not mint terms conscionable axenic gas) connected the Tubby Cats mint close now. Yes it went done & helium got 1000 mints https://t.co/IlpgKjYgLF pic.twitter.com/T6iTTyALNG

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

Notably, this is not the archetypal clip that a transaction connected the Ethereum blockchain has attached specified immense fees. Last year, we reported a lawsuit wherever Bitfinex paid implicit 7,000 Ethereum (worth $23 million) to determination conscionable $100,000 worthy of USDT to a wallet.

This transaction, alongside the spate of others, led the web to instrumentality the EIP —1559 upgrade designed to propulsion the web fees lower. 

Interestingly, a caller CryptoSlate report revealed that the state fees connected the Ethereum web went beneath 40 gwei, the lowest successful six months, for accelerated transactions with confirmation times good nether 30 seconds.

However, this occurrence shows that determination could inactive beryllium freak occasions erstwhile the network’s fees surge to uncharted territories.

Why the commercialized could person attracted precocious fees

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

The feline postulation consists of 20,000 unsocial tokens and presently has implicit 10,000 holders. The postulation has garnered overmuch involvement from the NFT community, which seems immune to the existent bearish quality of the wide crypto market.

Per data from OpenSea, the level terms of the NFTs stands astatine 0.61 ETH, and it is the 2nd astir traded postulation connected the NFT marketplace wrong the past 7 days.

The task began its 48-hours whitelist mint connected Monday and utilized a “progress uncover system” that prevents traders from taking vantage of little prices to drawback up each the rarest items. 

Judging by the foregoing, this means that the trader indispensable person had the volition of getting immoderate of the rarest tokens successful the postulation and paid the fees for his transaction to beryllium rapidly confirmed.

Already, determination are speculations that the trader could beryllium successful nett judging by the level terms of the NFTs.

Ethereum precocious state fees and rival blockchains

While Ethereum miners support smiling astatine the slope owed to the immense transaction fees connected the network, different astute contract-enabled blockchains similar Cardano, Avalanche, Terra, and Solana are dilatory eating into the marketplace stock of the second-largest crypto plus by marketplace cap.

Reports from starring fiscal institutions similar JPMorgan and the Bank of America person posited that Ethereum could suffer its dominance successful DeFi and NFTs to its rivals owed to its scaling issues and precocious state fees.

To enactment this successful perspective, CryptoSlate reported that Cardano’s transaction measurement has doubly flipped that of Ethereum successful caller weeks, showing that much traders are looking astatine alternate blockchains whose fees are cheaper and faster.