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According to Dune Analytics, failed Stoner Cats transactions cost a total of 344.4 ETH ($793,000).
Tokenized cats have once again caused havoc on the Ethereum network after actress Mila Kunis’ nonfungible token (NFT) project sold out in 35 minutes.
It is similar to the launch of another cat-based NFT project, CryptoKitties, which famously clogged up the Ethereum network in 2017.
The launch of Stoner Cats was initially delayed by a day after the team found a bug in the underlying art layers. However, the second attempt was successful and sold out in just “35 meow-nutes,” according to a catastrophic pun from Stoner Cats.
We SOLD OUT in 35 meow-nutes!
If you got a TOKEn, drop it here!
— Stoner Cats (@stonercatstv) July 27, 2021
As NFT collectors snapped up the first tranche of Stoner Cats, which had a cap of 10,420 NFTs at a price of 0.35 Ether (ETH) each, worth roughly $804 at the time of writing, gas prices skyrocketed. According to the project’s website, an additional 3,000 new NFTs will be released during the first season.
Defiprime, a decentralised finance analytics firm, joked on Twitter that “as usual, cats clogged Ethereum,” and it shared on-chain data showing a sharp spike in ETH gas fees ranging from 200 Gwei ($9.50) for a slow transaction to a hefty 709 Gwei ($33.67) for a fast transaction.
$700k lost in Cats’ failed TXs https://t.co/RczxG4xeAh
— defiprime (@defiprime) July 27, 2021
According to Dune Analytics, a total of 344.4 ETH ($793,000) in value was lost due to failed Stoner Cats transactions.
Stoner Cats is an animated series supported by NFTs, with celebrities such as Kunis, Jane Fonda, Ashton Kutcher, Seth MacFarlane, and Chris Rock lending their voices to the characters. The NFTs allow the owner to watch the show, and the project is funded in part by NFT sales.
Vitalik Buterin, co-founder of Ethereum, is also a voice actor for the character dubbed “Lord Catsinton,” who is described as a “spirit guide.”
lmao someone just paid 5.8 ETH (and used up 20% of a block in gas) for a failed tx trying to mint 20 stoner cats https://t.co/JfvRtiGkm9
— jimmy (@jimmyjames198) July 27, 2021
Investors have flocked to list the NFTs on OpenSea, and a StonerCat NFT depicting Buterin’s character is currently on sale for 77 ETH, or roughly $177,000 — a 9,500 percent markup. An NFT depicting MacFarlane’s character is available for purchase for 420 ETH, or more than $960,000.
The brief surge, however, pales in comparison to CryptoKitties, which famously “broke Ethereum” in 2017 after its launch was met with overwhelming demand.
As previously reported in May 2020, a surprise CrypoKitties drop overwhelmed the Nifty NFT marketplace after an influx of collectors flocked to the platform, resulting in a slew of service issues, such as slowness and failed transactions.