Tezos

Tales from the Blockchain: Volume 13 - The Gas Wars

Creator

tz1dSJNXCzrqKsnqZ7juc9r3mWyt8T1qw6nB

Description

After logging 13 months in the NFT space, well, I'm officially a grizzled veteran. I've swapped this and minted that. By now I've seen it all. From copycat projects to 12 year old millionaire NFT creators, stolen IP's, sham influencers and countless rug pulls; you better believe I have a story or two to share, but nothing comes close to the story I am about to tell you for Vol. 13 of Tales from the Blockchain. The Gas Wars of 2021. It was February of 2021 when Beeple mania overtook society. Web 3 was having a moment and became a victim of it's own success. All of a sudden it seemed like everyone wanted a jpg for their twitter handle and there was no shortage of scammy developers happy to fill the void with an endless stream of derivative, copycat IP 10k PFP projects. You couple that with an influx of over-leveraged degen defi traders pumping shit coins and what was about to go down would change the NFT landscape forever. The gas wars started in March of 21 and continued on for what felt like a decade. 100 gwei to purchase a jpg??? Are you kidding me...? Wait, now it's 1,000 gwei? I remember my first mint for 20 gwei and I thought that was expensive. On1Force is super hype. What is that, a new sneaker NFT? Oh, damn, now we hit just 5,000 gwei !!! Did they release another Ape Derivative Project today? And now 10,000 gwei? MekaVerse? Huh, what is that?? Somebody just paid 15,000 gwei ($70,000 USD at the time) for a fucking TIME magazine jpg?? Whaaaaat??? Can it possibly go higher? Damn! Just when you thought gas couldn't go any higher, it would eclipse the previous days high. Day in and day out it just wouldn't stop escalating.          This could not go on. The gas fees were not sustainable. Small artists and creators were being priced out of the NFT game on Ethereum. They promised us ETH 2.0 with Proof Of Stake, but we chose to evacuate the space and fight for our right to create affordable and clean NFTS! The Tezos blockchain provided that safe space to operate. One by one artists started packing up their bags and taking up arms with the Tez Army to fight the gas wars. After many fruitless battles to mint, the dust had settled and it had become quite clear that there was only one way forward...I had found my peoples and linked up with the Flux Tribe on the Tezos blockchain where we set up shop to rebuild a more artistic NFT space and create our promised land, the New Flux City . In the Next Issue of Tales from the Blockchain Vol 14: A punk named Beanie has his rug pulled by the Community . Created by Nite Owl in collaboration with FLUX Tribe , 2022 @naitooru (Twitter) @naito_oru (IG) 4200 x 4200 pixels jpg