Yuga Labs Refunds Gas Fees for Failed ‘Otherdeed’ Transactions

The firm behind the Bored Ape Yacht Club NFT collection is looking to make amends for its chaotic virtual land sale.

AccessTimeIconMay 4, 2022 at 7:47 p.m. UTC
Updated May 11, 2023 at 4:20 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Yuga Labs has returned the gas fees of everyone who failed to mint an “Otherdeed” non-fungible token (NFT) April 30, the metaverse firm announced in a Wednesday tweet thread.

“We have refunded gas fees to everyone who made a transaction that failed due to network conditions caused by the mint,” Yuga Labs said in the thread. “The fees have been sent back to the wallets used for the initial transaction.”

Yuga Labs spent a total of 90.57 ETH (around US$265,000) on roughly 640 refunds, according to data from Etherscan. The largest individual refund was 2.6 ETH (around $7,500), with the firm spending 0.26 ETH (around $783) in gas fees to send out all the refunds.

The refund may be the sole lauded choice Yuga Labs has made around the debut land sale for its upcoming “Otherside” metaverse, after the initial launch of 55,000 NFTs caused investors to pay over $100 million in Ethereum transaction fees.

Yuga had announced the refund days in advance and warned of potential phishing scams impersonating the firm, which users have reported to be widespread over the past few days.

To reduce scam potential on the back end of the refund, Yuga tapped MultiSender to redistribute the funds. MultiSender is a dapp that does not require wallets to interact with or confirm a contract before receiving a payment.

Following the many technical difficulties of the launch, Yuga alluded to potentially moving its metaverse from Ethereum to its own chain, though details on that development have not been clarified in the days since then.

UPDATE (May 4, 20:16 UTC): Added info about Yuga's gas fees to send out the refunds.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Eli Tan

Eli was a news reporter for CoinDesk. He holds ETH, SOL and AVAX.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.