Demand For Stoner Cats So High That It Caused Chaos For Ethereum
Cats clogged up Ethereum (CRYPTO: ETH) once again as the buzz surrounding Mila Kunis’ animated series “Stoner Cats” led to a scramble for the show’s non fungible tokens or NFTs.
What Happened: Dune Analytics data indicates that there was a total of 344.4 ETH, or $793,000, in value lost thanks to Stoner Cat transactions.
In 2017, Dapper-Labs-created CryptoKitties had infamously broken Ethereum’s blockchain.
See Also: How To Buy Ethereum (ETH)
The animated series’ Twitter handle revealed that the tokens had been sold out in a matter of minutes.
We SOLD OUT in 35 meow-nutes!
If you got a TOKEn, drop it here!
— Stoner Cats (@stonercatstv) July 27, 2021
Gas prices rose as collectors snagged the first tranche of Stoner Cats which had a limited supply of 10,420 NFTs and were priced at 0.35 ETH each or nearly $804.
Decentralized Finance or DeFi analytics company DeFi prime noted the sharp rise in the Gas fee.
— defiprime (@defiprime) July 27, 2021
Ethereum traded 6.44% higher at $2,307.82 at press time over 24 hours. The second-largest cryptocurrency has soared 28.67% for the week.
Why It Matters: Stoner Cats feature Jane Fonda, Ashton Kutcher and Ethereum co-founder Vitalik Buterin and are produced by Mila Kunis.
Buterin voices “Lord Catsington ‘The Spirit Guide,’” in the series, which uses NFTs as per a member of the team to circumvent censorship concerns and for creative control purposes.
Buterin touched on NFT potential in March, saying he sees them as worth more than just a “Casino” for wealthy celebrities.
As per the Stoner Cat website, 3000 more new NFT’s are expected to be released during the first season of the adult animated show.