Gas fee prices drive down buyer interest in Cool Pets NFTs as transaction fees soar 7,000%

Demand for NFT avatars shows no signs of slowing down.

Collectors wishing to mint Cool Pets, the latest release from the Cool Cats Cooltopia development team, paid an exorbitant fee to get their hands on the project’s public launch token yesterday.

Cooltopia said in its filing that it “has taken steps to prevent a gas war on any public bullets linked to Cool Cats”. Despite their best efforts, gas prices for high-priority transactions rose by over 7,000% when the mint launched.

transaction fee

While the minimum price for Cool Pets was set at 0.5 ETH, some users paid more than double the transaction fees. Etherscan data shows that in addition to the mint price, users paid more than 1.2 Ether in gas to buy a Cool Pet — $5,500 worth of ETH at the time.

There was also a drop after several weeks of delays as bots and DDoS attackers targeted the Cool Pets contract.

The Cool Pets collection is limited to 19,999 tokens. Each Cool Pets NFT currently depicts an identical-looking cartoon egg, but has since “evolved” into a unique pet representing one of four elements: grass, fire, water, or air.

The NFTs in this collection are described as being “randomly generated” based on your interactions with the Cool Pets website. Users evolve their tokenized pets using the gamified Cooltopia platform, and their final pets receive one of 17 million unique attribute combinations.

Half of the NFTs are distributed to wallets with Cool Cats NFTs, and each wallet receives a mintable token from January 31st in exchange for paying gas only.

The team allocated 8,500 tokens to a “whitelist” that allows whitelisted users to create tokens within 48 hours starting on February 7. For a chance at one of the 1,500 spots remaining on the roster. Collaborative projects include the popular NFT World of Women series, Kyber Kongz and Doodles, among others.

The remaining 1,500 tokens became available for public minting starting November 10, causing gas prices to skyrocket as users scrambled to buy cool pets. The drop was planned the day before, but was delayed following a DDoS attack that saw an influx of bots targeting his minting contract.

chaotic launch

The public version sold out quickly the same day it was released. Some Twitter users were quick to complain that they had outstanding deals when they sold out. ‘DreemsinM’ and ‘NathanW’ claim to have paid hundreds of gas bills just to lose their cool pet.

Despite the chaotic launch, Cool Pets has been well-received by the crypto community. Twitter user “BigBullGashi” described the public sale as “very fair,” saying “everyone has a fair chance” to get the tokens. “Cloncast” emphasized the gamification of the project, describing minting Cool Pet NFTs as “casting video game cartridges as well.”

Another user believes that the project marks a “step forward” for the win-win industry. However, another criticized the project’s low thousands of dollars, saying “no one should pay anything close to 3 ETH” [por] unfinished game”.

Despite the high fees, cool pet buyers have made a paper gain on their investment. According to market leader OpenSea, the lowest price of the series has risen to 2.23 ETH. The most expensive coins are above 1,000 ETH each.

The series is currently the fourth most traded series on OpenSea this week, with a 7-day volume of 9,550.5 ETH. Cool Pets also ranked second with a 24-hour trading volume of 3,278.5 ETH.

warn: The text in this column does not necessarily reflect the views of CriptoFácil.

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