29 Jul 2021 11:24 AM +00:00

Stoner Cats NFT Demand Sees Users Lose Nearly $800,000 Of Ethereum In Failed Transaction Fees

Ethereum owners lost just under $800,000 worth of ETH from failed transactions when attempting to buy the Stoner Cats NFTs.

Stoner Cats are a new line of NFTs created by Mila Kunis. These NFTs feature animated shorts with voice acting from herself, Seth McFarlane, Ashton Kutcher, and other celebrities, including Ethereum co-founder Vitalik Buterin.

According to Dune Analytics, some 334.6 ETH was lost during attempts to purchase the Stoner Cats NFTs - currently worth over $7.75m.

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Gas Prices Surged For Stoner Cats

One of the reasons for these failed transactions stems from gas fees. The release of Stoner Cats saw gas prices spike to 734 GWEI. The average gas price usually sits at around 40 GWEI.

This meant that some users had not set their gas limits at a high enough level, leading to a failed transaction.

One of these users, superphiz, is an active member of the Ethereum staking community. Their failed transaction lost them 5.818 ETH worth $13,000. Superphiz said:

My fault. It's a bit of a blur, but i think i initially sent with low gas, then saw gasnow.org shoot up and i tried to replace it with ungodly gas (i wasn't thinking it through, just clicking) and Poof. I didn't expect it but i do take responsibility for it.

However, others on the r/Ethfinance subreddit took issue with the programming of the Stoner Cats Smart Contracts, stating the developers should have set the automatic gas limits at a much higher level.

Others on r/CryptoCurrency highlighted this stems from a wider problem with Ethereum's gas system.

Gas fees have been a contentious issue within the Ethereum community for some time, with this latest event re-opening the discourse on upcoming changes. The release of Ethereum 2.0, some Ethereum users hope, should help to mitigate high gas fees by reducing network transaction congestion.

10,420 Stoner Cats NFTs were available for 0.35 ETH. The NFTs, which will have made 3647 ETH (worth $8.45m at the time of writing) sold out in "35 meow-nutes" according to the Stoner Cats Twitter.

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