Time’s NFT Launch Sends Gas Fees Spiraling

cryptocurrency 3 months ago

Time magazine launched a new NFT collection dubbed "TIMEPieces" Thursday, offering "unlimited access" to its website through 2023. All 4,676 tokens, each priced at 0.1 ETH tied to digital artworks, were sold in minutes. But the sale also clogged the Ethereum blockchain, with buyers spending almost four times as much on transaction fees as they did on the NFTs themselves. "The Hash" hosts react, discussing the implications for a historic American institution getting involved in the NFT space.
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