Yahoo: How Yuga Labs’ NFT sale failed to put its community first

Yahoo: How Yuga Labs’ NFT sale failed to put its community first

The largest and perhaps most highly anticipated NFT sale so far this year took place recently when Yuga Labs launched their sale of virtual land to ApeCoin holders for around US$5,800 (the clearing price was set at 305 ApeCoin). The huge level of demand for the hugely popular Otherdeed NFT mint, which raised about US$320 million, created a two-fold problem for the Ethereum-based sale. Firstly, the steep rise in the volume of transactions led to a spike in the price of Ethereum gas fees, requiring people to spend around two ETH (approximately US$6,000) in fees to mint. Secondly, many of the participants in the sale, due to the bottleneck in demand, both missed out on the minting and lost their Ethereum in the process.

 

 

Original Source: https://finance.yahoo.com/news/yuga-labs-nft-sale-failed-030400730.html

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”. Currently, he is appointed as Chairman, Asia for BigONE Exchange and Chief Digital Advisor, Mongolia Productivity Organisation. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region and was previously the Advisory Board Member of Hyundai DAC Technology.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

READ  Anndy Lian Shares Insights on Blockchain Technology Adoption for Government

You can read more about Anndy’s work at www.anndy.com

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