Someone has paid half a million dollars in Ethereum gas fees to mint NFTs
Someone has paid 200 Ether ($553,064) in gas fees to mint 1,000 non-fungible tokens from the 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 February 22, Tubby Cats became the number one project on the flagship OpenSea NFT marketplace 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 token.
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.
The project uses the “progressive reveal system,” which prevents NFT creators from sourcing the rarest items at significantly lower prices. As the name suggests, “tubbies” are gradually revealed during the minting process in batches consisting of 1,000 collectible coins.
