Yuga Labs has been accused of fraud, manipulation, and preferential treatment over Otherdeeds NFT mint by disgruntled community members.
Disgruntled community members have taken to Twitter to express their dissatisfaction with Yuga Labs’ handling of the Otherdeeds nonfungible token (NFT) mint.
The launch of Otherdeeds NFTs drew a lot of attention from the community, and they sold out almost immediately. Because of the strong demand, Ethereum gas fees skyrocketed, with users paying anywhere from 2.6 to 5 Ether (ETH) to execute transactions.
However, many members of the community were dissatisfied with the event. Several Twitter users have theorised that the mint was “designed to fail” so that the organisation could publicise the introduction of its own blockchain, as the team indicated a chain migration in one tweet as a result of the event, according to RandomGuyonct.
This has been the largest NFT mint in history by several multiples, and yet the gas used during the mint shows that demand far exceeded anyone’s wildest expectations. The scale of this mint was so large that Etherscan crashed.
— Yuga Labs (@yugalabs) May 1, 2022
Apart from that, Mark Beylin, a Twitter user, accused Yuga Labs of “revealing their true colours” and announced that he has sold all Ape-related NFT assets. Others should believe that the folks behind Yuga Labs are “bad actors,” according to Beylin.
Just finished exiting all of my Ape related NFTs
now that Yuga has revealed their true colors, I can't unsee it
con artists of the highest order
— Mark Beylin (@MarkBeylin) May 2, 2022
Some users claim to have lost their ETH as a result of their failure to finish transactions. Yuga Labs, on the other hand, has guaranteed to reimburse any lost gas fees from the botched transactions.
CryptoFinally, a Twitter user, also alleged that Yuga Labs granted members of the Bored Ape Yacht Club (BAYC) better land than non-members. They wrote, “Non-BAYCs who want to get engaged paid for considerably shittier land, while BAYCS acquired the only land worthwhile.”
The burn rate of Ethereum reached a new all-time high as a result of the Otherdeed NFT decline. According to data from Glassnode and Data Always, about 70,000 ETH were burned on the day of the mint.
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