Stoner Cats bring Ethereum to its knees
On Tuesday, 10,420 Stoner Cats went as NFTs at Opensea over the virtual counter. The Ethereum network was briefly overloaded and the fees on a peak.
The 10,420 Stoner-Cats-NFTs (Non-fungible Tokens) developed by actress Mila Kunis company “Orchard Farm Productions” were offered for sale yesterday at a price of 0.35 ETH each. That was equivalent to a unit price of $ 785.
The entire inventory was sold within 35 minutes. This brought in almost $ 8.2 million in total. That can undoubtedly be seen as a success.
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Ethereum is groaning under the weight of selling 10,000 NFTs
The technical process was less successful, because the Ethereum network did not cope well with the suddenly occurring load. According to the crypto charting platform Dune Analytics, users have around 344.6 ETH – around 790,000 dollars – lost in feespaid for stoner cats that never got to the buyer.
In addition to the failed transactions, the sale of Stoner Cats also led to a surge in transaction fees, the so-called gas fees, which ranged between $ 9.5 and $ 33.
“As usual, cats clogged Ethereum,” scoffed the decentralized financial analyst De-Fi-Prime on Twitter – an unmistakable reference to the popular NFT project Cryptokitties, which caused Ethereum to be overloaded at the end of 2017.
Stoner Cats is an adult animation series
The hype surrounding Stoner Cats is not surprising. After all, many celebrities lend their voices to cats, including Kunis himself, Ashton Kutcher, Jane Fonda, Seth MacFarlane, Chris Rock, and Ethereum co-founder Vitalik Buterin, who speaks the late cat Lord Catsington.
Just one day after the initial auction, some of the NFTs are up for sale again. An NFT, the Buterin’s character, is currently about on the NFT marketplace Opensea offered for 77 ETH (around $ 176,000).
NFTs are tickets for watching the series
With the acquisition of the NFTs, the buyers have secured the rights to view the Stoner Cats series on the project website. The first episode, entitled “Stoned Awakening,” is slated for release on July 29, 2021. In order to be able to view them, the owners of the NFTs must have their Ethereum wallets with them the project website associate. In the course of the broadcast of the series, new NFTs are to be sold again and again in order to finance further production.
