Cats have choked the Ethereum network once again, but this time it isn’t CryptoKittys but Stoner Cats – the hot new NFT collection of feline characters from the much-anticipated animated series Stoner Cats, developed by actor/producer Mila Kunis and guest-starring Ethereum co-founder Vitalik Buterin.
Fans were at the mercy of an Ethereum gas war as 10,420 Stoner Cats NFTs sold out at 0.35 ETH (about US$837) each within 40 minutes. But some fans were left without their money and without a cat. A post titled Some poor guy loses $13k in fees for a failed transaction appeared on reddit, showing how one buyer lost 5.8 ETH (US$13,916) in a single transaction fee trying to buy his Stoner Cat token.
Dune Analytics reported that many others suffered the same fate, showing that 344.6 ETH (US$825,000) were lost to failed transactions. According to DeFi news site The Defiant, many users lost trying to mint their Stoner Cats NFTs (20 was the maximum allowed) without manually adjusting the gas limit in Metamask. Those whose bids were placed earlier didn’t have enough gwei to pay for the entire transaction, which caused the transactions to fail.
Once again the Ethereum network could not meet the high demand of a popular release, as too many users caused gas prices to be pushed higher, resulting in failed transactions and lost funds to exuberant gas fees.
It’s possible that Stoner Cat developers failed to anticipate the demand for the project and set the minimum gas price too low. This is something that needs to be considered moving forward for fundraising efforts such as this, to avoid leaving supporting fans out of pocket.
Stoner Cats is the first TV show of this kind to be entirely funded by NFTs. The show raised over US$8 million on Wednesday through the sale of the Stoner Cats NFTs. The production team – headed by known crypto lover Ashton Kutcher and wife Mila Kunis – plans to release a further 3,000 NFTs per episode.
The series’ first episode, “Stoned Awakening”, is set to premiere today, July 30. Watch the Stoner Cats trailer on Youtube here.
How ETH Gas Fees Work
When a transaction fails on the Ethereum network, users are still charged. This is a common complaint from frustrated users of the biggest blockchain in DeFi. Etherscan will provide an estimate of how long it will take for a transaction to go through, but when the network is overloaded users may experience the dreaded processing loop, eventually resulting in the status: Fail.
The insanely expensive gas fees on the Ethereum network have seen many opting into other blockchains such as the Binance Smart Chain (BSC), where fees are much lower. In February, ETH gas fees hit all-time highs of up to US$20,000.
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