Yuga Labs refunds Ethereum gas fees from land sale

Yuga Labs refunded $265,000 worth of ETH for failed deals in its sale of digital land in its Otherside metaverse last weekend. In English: People have been getting their money back for wasted magic space money trying to buy a fake property in a place that doesn’t exist but might be fun one day, especially for those with glasses. computer.

Why is this important: Yesterday afternoon, anyone paying attention would have found that they had a little more money than before, because the company reimbursed everyone in one go. Yuga did this because he engineered an auction that was malfunctioning and frustrating everyone, but the company recognized him.

  • They have automated everything. Users had nothing to do. It was right there. Poof!

Details: Yuga Labs is the company that created the Bored Ape Yacht Club, the most valuable single NFT set ever released. Yesterday afternoon he tweeted that everyone burned by failed trades last weekend had been refunded:

Screenshot: @yugalabs (Twitter)

By the numbers: “Yuga Labs spent a total of 90.57 ETH (about $265,000) across about 640 refunds, according to data from Etherscan. The largest individual refund was 2.6 ETH (about $7,500), l ‘company spending 0.26 ETH (about $783) in gas fees to send all refunds,’ CoinDesk reported.

Zoom out: Everyone seems to want to build a metaverse, but it’s not that surprising that the creators of Bored Apes do. The exclusivity around his online forums and parties is part of what makes his hipster monkey jpegs so valuable.

  • If digital worlds get hot, they will also want a gated community.

The bottom line: Because blockchains make all transactions public, it is very easy for misleading companies to do the right thing. Yuga Labs did.