Here’s The Reason Behind The Spike In Ethereum Gas Fees

Here’s The Reason Behind The Spike In Ethereum Gas Fees

Ethereum gas prices witnessed a major spike earlier. This was caused by the release of the “Stoner Cats” NFTs on the network. The release of the limited edition NFTs saw gas fees of the network-driven following the mad rush to acquires the pieces. Investors scrambled to mint the 10,000 NFTs released as part of the “Stoner Cats” show. Which stars Mila Kunis, Aston Kutcher, and Ethereum founder Vitalik Buterin.

Actress Mia Kunis had teamed up with CryptoKitties to launch the NFT-based, animated TV show. The rush to purchase the NFTs saw gas fees rise to as high as 600 Gwei following the scramble.

Fees required to deploy NFTs on a network are high given their complex and memory-heavy nature. Thus, a large number of transactions were required to successfully carry out the launch of “Stoner Cats.” Their high gas fees help them to be written on the blockchain quickly. And so, sending fees for ETH went up in order to compete with these prices.

These Cats Get Serious

The “Stoner Cats” NFTs were created as a way to celebrate the premiere of the animated series. “Stoner Cats” NFTs were available to be minted at 0.35 ETH each. And despite the high price tag, the entirety of the 10,00 NFTs was sold out in 35 minutes.

“Stoner Cats” is an animated series that revolves around five house cats who somehow become sentient. This newfound sentiency leads the cats to realize that they would have to save their owner from a number of dangerous situations. The show features a cannabis and crypto theme. With an A-list lineup of actors Mila Kunis, Aston Kutcher, Jane Fonda, and Seth MacFarlane. Alongside comedian Chris Rock and Ethereum CEO Vitalik Buterin.

The interest in the NFTs is attributed to the top names associated with the project. With Ethereum’s own Vitalik Buterin on the project, investors no doubt see this as a profitable venture for the future.

NFT holders will get first access to episodes before the wider public. And the NFTs provide the holders a lifetime pass to all future episodes of the show. All proceeds from the NFT sales are going to fund the pilot of the “Stoner Cats” series. And also go towards funding future content.

Stoner Cats Token, 420

The “Stoner Cats” project also includes a native cannabis-themed token named 420. A beloved code name in cannabis culture for marijuana consumption. OpenSea currently has the “Stoner Cats” token listed with a price countdown from 99.5 trillion ETH.

A simple calculation of shows that at 0.35 ETH each, the creators of the “Stoner Cats” project made over $8 million from the sale of the NFTs. Selling out 10,000 NFTs which featured images of cats. Some showed cats drinking and smoking marijuana.

Actress Mila Kunis had this to say about the project.

Everybody just did the project because they thought that it was different and fun and we all wanted to do it for the right reasons. It brings ownership of content back to the artist and cuts out the middleman.

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