Collectors spend a cumulative $26 million on gas fees alone for "VaynerSports" NFT project—3x the amount made from the NFTs
AJ Vaynerchuk, brother of prominent NFT personality Gary Vaynerchuk (aka Gary Vee), launched his VaynerSports NFT collection. The popularity of the project resulted in surging gas fees on the Ethereum chain, and a poorly-implemented contract worsened issues. Users encountered failed transactions, meaning they lost the gas fee they had spent, and also did not successfully mint an NFT. Once the mint was over, 2411 ETH ($8.2 million) had been spent on mints, and 7652 ETH ($26.4 million) had been spent on gas fees. Some users lost thousands of dollars in gas fees on failed transactions.