the VaynerNFT Sports Pass The project came under heavy criticism on Tuesday after users spent three times the amount of the NFT sale just on gas fees.
What happened: The VaynerSports Pass NFT Collection was launched by AJ Vaynerchukbrother of a prominent internet personality Gary Vaynerchuk also known as Gary Vee.
The much-awaited public currency went live on Tuesday, but users found themselves paying a cumulative $26 million in gas fees. Meanwhile, the total amount raised from the NFT sale was only $8.6 million.
AJ Vaynerchuk addressed the issue on Twitter Inc. TWTR calling the Mint a “failure” on his part.
Not ideal. If I could do it again, we would have opted for a list of permissions over a period of time. A failure on my part
— AJ Vaynerchuk (@ajv) April 5, 2022
The popularity of the project caused a sharp increase Ethereum ETH/USD fees and a poorly designed contract seemed to make matters worse. Reports report that some users have encountered “failed trades,” meaning they lost an exorbitant amount in gas fees and also failed to hit an NFT.
Oh what is it? you thought the bull run was back? @ajv and @garyvee The VaynerSports Pass just burned 6300 ETH from the NFT space in gas charges due to their public currency and terrible contract. GG and farewell to the potential bull run pic.twitter.com/tN0kxKHd58
— WYZRD.eth (@WYZRD_) April 5, 2022
“I am currently working on a repayment plan. And yes, plan to put some effort into making holders happy with their decision to strike today,” declared Vaynerchuk in response to the question of whether he would compensate users for failed transactions.
I understand. We do not refund everyone who has spent money on gas, but there are certain situations where we will refund
— AJ Vaynerchuk (@ajv) April 5, 2022
Price action: According to data from Benzinga Pro, Ethereum was trading at $3,341, down 5.10% in the last 24 hours.
Photo Courtesy: VaynerSports
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