The creator of the Bored Ape Yacht Club (BAYC) NFT collection, Yuga Labs, announced on Twitter that it has reimbursed gas fees or transaction costs for everyone who was unable to purchase Yuga Labs’ Otherside Metaverse digital land due to technical issues.
Yuga Labs confirmed this in a Twitter thread:
“We have refunded the gas fee to everyone whose transaction failed due to network conditions caused by the Mint. The fee was sent back to the wallet used for the initial transaction.”
Buy multiple times and compensate for lost transaction costs
Over the weekend, Otherdeed’s non-fungible tokens (NFTs) brought in $320 million in sales for Yuga Labs.
Data from Etherscan shows that the company spent a total of 90.57 ETH ($265,000) to reimburse nearly 650 individuals, with the largest refund being 2.6 ETH ($7,500) to one individual.
To allow companies to ensure the process is efficient, they utilize MultiSender, a dApp that does not require wallets to interact with or even confirm contracts before receiving payments, to distribute funds to their respective owners.
In the event of multiple failed transactions, the MultiSender app combines this with a single refund.
Your gas fee refund will appear here, issued by https://t.co/ZnYDm173iI. If you have multiple failed transactions, they will be combined into one refund.
— Yuga Labs (@yugalabs) May 4, 2022
NFT The world’s largest NFT mint
The highly anticipated Yuga Labs NFT land sale “Otherside” rocked the Ethereum blockchain, becoming one of the largest NFT mints in the history of the NFT world. Additionally, it made some buyers pay thousands of dollars for individual NFTs they didn’t receive by setting gas fees to record highs.
We apologize for temporarily turning off the lights on Ethereum. Clearly, ApeCoin needs to migrate to its own chain in order to scale properly. We want to encourage DAOs to start thinking in this direction.
— Yuga Labs (@yugalabs) May 1, 2022
However, over the weekend after the sale, Yuga Labs tweeted that they were working to repay the money to those whose deals fell through.