Users Lose $490K Trying to Mint New NFT COVIDPunks Collection
Ethereum’s users have lost just over 174 ETH (roughly $490,000 at the time of writing) while trying to coin the new “COVIDPunks” NFT collection.
The new collection is based on images from the old CryptoPunks collection. Every “punk” was simply put on a medical mask. The set consists of 10,000 randomly generated avatars with 24*24 pixels in NFT format.
Naturally, fans of CryptoPunks were carried away by the new collection from this series.
COVIDPunks were minted on Thursday at 17:00 UTC, and in less than an hour, all 10,000 NFTs were sold out. Notably, the launch of the project also coincided with the latest Ethereum update, dubbed London.
Because of this, COVIDPunks became responsible for the destruction of 525 ETH worth about $1.5 million, according to the Ethereum burn tracker Ultrasound.money.
In addition, the burning rate increased to 14 ETH per minute, and the emission rate dropped to -4.7 ETH per minute. Thus, in about an hour, the total Ethereum supply fell as more tokens were burned than minted.
In addition, when users got involved in the minting of COVIDPunks, the Ethereum network was overloaded. This resulted in an increase in transaction fees from 70 Gwei ($5.8) to over 400 Gwei ($33).
Due to such network congestion, many transactions sent to COVIDPunks have flown. Potential COVIDPunk buyers have lost 174.39 ETH due to failed transactions, according to Dune Analytics, which equates to roughly $489,868 at the time of writing.