Someone has paid half a million dollars in Ethereum gas fees to mint NFTs
Someone has paid an eye-popping 200 Ether ($553,064) in gas fees in order to mint 1,000 non-fungible tokens from the red-hot Tubby Cats collection.
Overall, it cost 300 Ether ($785,640) in order to mint 1,000 tokens.
The project has become the talk of the town within the sprawling NFT community. On Feb. 22, Tubby Cats became the number one project on flagship NFT marketplace OpenSea by trading volume.
The 48-hour whitelist mint for the project kicked off on Monday. The rest of the tokens became accessible to the public.
Twitter user 0xngmi calculated gas prices and their associated cost per one token.
For people participating in public mint, these are the gas prices we’ll likely see (between the two columns) and their associated cost per tubby.
If you are going to bid below these gas prices DONT PARTICIPATE IN MINT since your tx will fail.
Also: always mint 5 tubbies pic.twitter.com/TtfieJbkNV
— 0xngmi (@0xngmi) February 23, 2022
At press time, the project’s “price floor” currently stands at 0.48 ETH ($1,291).
The Tubby Cats collection, which consists of 20,000, currently has 10,238 unique holders.
Recently, these cute feline creatures have become the new darlings of NFT Twitter, providing some much-needed escapism amid the ongoing cryptocurrency correction.
on the verge of a global economic collapse and all i see are tubby cats on my timeline
so fkn based
— hentai avenger (@hentaiavenger66) February 21, 2022
The project uses the “progressive reveal system,” which prevents NFT creators from snapping up the rarest items for themselves at significantly lower prices. As the name suggests, the “tubbies” are being progressively revealed during the minting process in batches that consist of 1,000 collection items.