Your Web3 Briefing 📝

GM. Here's a some interesting web3 stuff that happened over the last 7 days.

Yuga Labs make $317M from metaverse land sale

The creators of the Bored Ape Yacht Club raked in over $300M selling virtual plots of land in their metaverse, Otherside.

A total of 55,000 "Otherdeeds" sold at a price of 305 ApeCoin or around $5,800 at the time of purchase. This makes it the largest NFT mint in history.

Otherdeeds were minted on the Ethereum blockchain - and the sudden increase in demand caused a "gas war" i.e. skyrocketing transaction fees.

This meant some people paid anywhere from $6,500 to $14,000 in gas alone, with prices up to 200x normal.

In total the Yuga Labs mint consumed almost $180M in gas fees. Some pointed out that it didn't need to be this way, and that a bunch of optimisations could have been made to prevent this...

Yuga Labs have apologised - and said they'll refund anyone with failed transactions.

They also said that this means they need their own blockchain... which a lot of people on CT think was the plan all along 👀

What else you should know

• Solana suffered a 7 hour outage as bots flood the network

• Fidelity will let clients invest in bitcoin through their 401(k)

• Fort Worth, a city in the U.S. will run Bitcoin mining rigs out of its city hall

• Resident of Buenos Aires? You can now make tax payments with crypto

• Warren Buffet wouldn't even buy Bitcoin at $25

• DeFi platform Rari Capital was hacked for more than $80 million

• The UK's cybercrime police officers are being poached by crypto companies

Tweets of the Week 🐦

We spend time on CT, so you don’t have to. Some of our favourite recent tweets:

Ouch

On the Otherside mint gas wars

If you want a deep dive

When you put it that way...

This crazy thread - negotiating a crypto domain name

Web3 101: How to pay less gas 💡

With the wild gas spike caused by the Otherside mint, it seemed like a good topic for this week would be gas - specifically, "how to pay less of it".

For this week's 101 we're drawing on this guide by the awesome folks at Odyssey DAO, who're creating high quality, 100% free web3 education 👇

OK let's get to it - how to pay less gas:

1. Wait for lower prices - usually weekends between 9 PM and 1 AM PST are a good bet with it being bedtime in the U.S and early morning in Europe

2. Set a max gas fee - you can set your gas fee to "Low" in MetaMask. The downside is that your transaction might take a full day to process

3. Cancel a transaction - if you change your mind and want to wait until gas prices are lower

Or - if you really want to pay less gas, why not use a L2 chain like Polygon or Optimism.

Hint - Layer3 Bounties pay out instantly through L2 chains.

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That's all for today! Thoughts on today's email?

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Yahya at Layer3