May 2nd 2022
New all-time high in daily Ethereum transaction fees
The largest NFT mint in history took place last Sunday, pushing the Ethereum transaction fees to an all-time high.
Source: CoinMetrics
Last Sunday, users paid $231 million to transact on the Ethereum network, twice as much as the previous all-time high of $117 million in May 2021.
The cause of the fee surge was Yuga Labs' latest NFT launch. They minted 55,000 "Otherdeeds" NFTs, each giving access to a virtual plot of land in their new Bored Ape Yacht Club-themed metaverse "The Otherside".