Ethereum users lost 174.6 ETH (about $485,000) as a result of failed transactions attempting to purchase non-fungible tokens (NFTs) from the COVIDPunks project collection, according to data from the service Dune Analytics.
The release consists of 10,000 original randomly generated pixel images, resembling the popular NFT CryptoPunks, but with medical masks.
The NFT drop began on August 5, Thursday, at 20:00 MSK. The collection sold out in less than an hour.
🔥WE ARE SOLD OUT!🔥
We are thrilled, humbled, and shocked by the huge interest in our project. We are fielding a ton of requests right now, please bear with us as we figure everything out!
— COVIDPunks🦠 (@COVIDPunksNFT) August 5, 2021
Latecomers to the token sale received a failed-transaction message, informing them that no tokens remained, losing their gas fees.
During the sale, the Ethereum network came under heavy load. Fees surged from 70 Gwei ($5.8) to more than 400 Gwei ($33). This also led to numerous rejected transactions.
— Alex Svanevik ✨ (@ASvanevik) August 5, 2021
The project topped the list for gas fees over the last 24 hours.
The COVIDPunks team said they are working on a fix for the gas-spend issue.
We are humbled and overjoyed by COVIDPunks’ successful sale this morning. Know that the team is working diligently to figure out the gas issues, and will begin working on a solution soon. This will not be an overnight fix—we want to make things right.
Stay tuned!❤️ pic.twitter.com/B15yfrbhcr
— COVIDPunks🦠 (@COVIDPunksNFT) August 5, 2021
“This will not be an instant fix—we want to set things right,” the tweet said.
Earlier, in attempts to purchase Mila Kunis’s animated show Stoner Cats NFT, users lost 334 ETH.