| Is anybody able to translate? 19:46 - May 2 with 1104 views | BanksterDebtSlave |
What has actually happened here...is it just very rich people laughing at the rest of us?
https://www.theguardian.com/technology/2022/may/02/yuga-labs-apologises-after-sa
A multi-billion dollar cryptocurrency company has apologised to users after its sale of “metaverse land” sparked a frenzy that temporarily brought down the Ethereum cryptocurrency.
Yuga Labs, the company behind the Bored Ape NFTs beloved of Jimmy Fallon and Paris Hilton, announced the sale of its latest tokens — representing plots of land in a forthcoming multiplayer game called Otherside — on Sunday. A total of 55,000 plots were sold, at a flat price of 305 ApeCoin (a currency created by Yuga), which is worth about £4,500 at current exchange rates.
Demand for the plots was so high that it overwhelmed the Ethereum blockchain, a layer of infrastructure that all cryptocurrency projects rely on to operate. As users raced to be one of the lucky few able to secure an “Otherdeed”, transaction fees on the network rose higher and higher, until an individual NFT purchase cost more than £2,500 in fees alone. One user, who successfully secured two Otherdeeds, paid a transaction fee of over 5 ETH (£11,000) on top of the £9,000 to buy the land itself. Others lost thousands of pounds failing to secure the tokens at all: if a user runs out money while paying the transaction fees, the transaction fails, but the fees aren’t refunded.
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| Is anybody able to translate? on 20:37 - May 2 with 968 views | factual_blue |
That sounds remarkably like The Rise And Fall Of The Trigan Empire from Look and Learn magazine back in the late 60s. |  |
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| Is anybody able to translate? on 20:58 - May 2 with 921 views | BlueandTruesince82 |
Translation
When using certain blockchains you are charged a transaction fee, known as a gas fee. This is case with Etherium, one of the most prominent blockchains and will apply to coins built on it. The gas fees vary depending on transaction size and how many transaction are happening so essentially the more the transactions happening the higher the gas fee.
It's one of the problems that will limit certain projects.
So those that lost money did so because when the my tried to buy their metaverse plot the gas fees on top of the plot price rose to more than they had in funds and so they couldn't complete the transaction but still had to pay the fees for using the network. |  |
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| Is anybody able to translate? on 22:02 - May 2 with 805 views | BanksterDebtSlave |
| Is anybody able to translate? on 20:58 - May 2 by BlueandTruesince82 |
Translation
When using certain blockchains you are charged a transaction fee, known as a gas fee. This is case with Etherium, one of the most prominent blockchains and will apply to coins built on it. The gas fees vary depending on transaction size and how many transaction are happening so essentially the more the transactions happening the higher the gas fee.
It's one of the problems that will limit certain projects.
So those that lost money did so because when the my tried to buy their metaverse plot the gas fees on top of the plot price rose to more than they had in funds and so they couldn't complete the transaction but still had to pay the fees for using the network. |
....and what will they be doing with these plots of land? | |
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| Is anybody able to translate? on 08:57 - May 3 with 542 views | BlueandTruesince82 |
| Is anybody able to translate? on 22:02 - May 2 by BanksterDebtSlave |
....and what will they be doing with these plots of land? |
I don't know enough about the otherside project to be able to say.
My interest is is more real world utility ATM though the Web 3 stuff is something I keep an eye on.
I'd guess they may use it for setting up virtual retail pr hangout places | |
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