The NFT space has a lot of trade activity, but it is still in its early stages of development. Any new technological progress brings with it innovation, and Project URS has done just that to successfully eliminate the gas wars throughout the minting process.
What is a ‘Gas War’ in the NFT world?
A gas war is a phenomenon that occurs when gas prices skyrocket and everyone scrambles to confirm transactions in a short period of time. The charge necessary to successfully complete a transaction on Ethereum is referred to as gas in the NFT environment. Gas fees are denominated in Ether, Ethereum’s native currency (ETH).
Gas fees are determined by a number of factors, the most important of which is the Ethereum network’s traffic. In plain English, the higher the gas taxes, the more people seek to make transactions at a particular time. The ETH gas tracker makes it simple to keep track of current gas fees.
Nowadays, gas costs around 50–80 Gwei. When a project makes its NFT available to the public, however, a large number of customers try to mint it at the same time. It causes extremely high traffic on the Ethereum network, causing gas fees to skyrocket to 500+ Gwei, nearly 10 times the average gas fee. It not only raises the overall price of the NFT, but it also causes transactions to fail. As a result, many buyers wind up losing money (due to gas fees) before receiving the NFTs they were hoping for.
Underground Robogenetic Survivalist (pronounced “Yours”) is an acronym for Underground Robogenetic Survivalist. It’s a set of 3D NFT art that’s been programmed on the Ethereum blockchain. High-level 3D professionals, illustrators, concept artists, creative directors, and experienced developers from Korea, Germany, and the United States make up the team. The art is stunning, and they have a metaverse game in the works. What a fantastic idea!
The unique minting strategy
To distribute NFTs to potential customers, Project URS developed a novel raffle draw process. It reminded me of the standard IPO (Initial Public Offering) subscription process, where you choose how many shares (in lot sizes) you want to buy. The buyer then makes a payment, and the shares are distributed based on the size of the subscription. If the number of shares subscribed for exceeds the total number of shares available, a random draw is used to distribute the shares. Through their website and communication on their Discord channel, the team was able to accomplish this with ease.
All “Mint-Pass” holders were given the opportunity to purchase tickets ahead of time. For 0.08 ETH, a Mint-Pass could be purchased, or one could be won through community involvement, contests, and giveaways. Mint-Passes were available roughly 9 hours before the main public auction and permitted users to mint up to 5 NFTs.
They gave everyone a 24-hour window to participate in the raffle draw during the general sale. All you had to do was choose how many NFTs (tickets) you wanted to buy and create a transaction to deposit the ETH equivalent. I had enough money for three NFTs, so I put down 0.08 x 3 = 0.24 ETH for three raffle entries (tickets). In ETH, the fee for my transaction (gas fee) was $15.
Recently, gas wars have been common during the introduction of new NFT projects. Until the Ethereum development team adopts methods to address this issue, the raffle draw approach used by The Project URS may be the solution.
The website’s end-to-end process and Discord communications went without a hitch. Despite the fact that I was unable to claim my NFTs, the overall experience was positive. We need more inventive techniques like these in the NFT field, which is constantly evolving. I’m hoping that future NFT initiatives will learn from these and use a similar minting method.