Another cats-based NFT project clogged the Ethereum Network on July 28 as Stoner Cats NFT sale has caused 344 ETHs or more than $700K lost due to failed transaction.
Stoner Cats, a cat-based NFT project by Hollywood actress Mila Kunis, went live on Wednesday, July 28th. The launch of the project was initially delayed by a day after the team found a bug in the underlying art layers. When launched, the project was able to sold all their initial collection in just 35 minutes.
We SOLD OUT in 35 meow-nutes!
If you got a TOKEn, drop it here!
— Stoner Cats (@stonercatstv) July 27, 2021
According to the reports, Stoner Cats sold 10,420 NFTs at a price of 0.35 ETH each. The total amount raised through sale is counted at $8.3 million at the time of writing. But the sale created a CryptoKitties-like chaos on the Ethereum Network as NFT collectors rushed to buy the cats.
Gas prices soared as NFT collectors snapped up the first tranche of Stoner Cats. According to DeFi firm DeFiprime, ETH gas fees skyrocketed during the sale, ranging between 200 Gwei or $9.5 for a slow transaction and a 709 Gwei $33.67 for a rapid transaction.
But much more was lost due to failed transactions. According to data provided by Dune Analytics, 344 ETHs or $791,554 were lost due to failed transcations. Although, the initial Stoner Cats NFT sale is a success but the these hefty loses have somewhat paled this success. The community is blaming Stoner Cats’ dev team for writing poor contracts.
A Twitter user, Chef Dave, wrote:
This had nothing to do with ETH blockchain's inefficiencies, and everything to do with your dev's inefficiencies.
Sure, you didn't get paid from these lost gas fees, but YOU caused them and need to own the cost.
— Chef Dave (@SuitedSneakers) July 27, 2021
Stoner Cats is an adult animated short series accessed exclusively by owning a collectible Stoner Cat NFTs. These NFT-based cat characters voiced by celebrities including Mila Kunis, Jane Fonda, Ashton Kutcher, Seth MacFarlane, and Chris Rock. Vitalik Buterin, co-founder of Ethereum, has also voiced for a character called Lord Catsington “The Spirit Guide”.
These cat NFTs allows its owner to watch the series, the project team will use the funds raised through the sale to finance the production of future content. In this initial sale, 10,420 NFTs were sold and team has plans to release 3,000 more NFTs over the course of the first season. So, a total of 13,420 Stoner Cats NFTs will be released in the first season the series. The project’s FAQs notes that 100 of these NFT are reserved for the creators and folks behind the show, as well as for community giveaways.