Mila Kunis’ NFT initiative was a smash hit, selling out in less than 35 minutes. However, there were a few stumbling blocks along the way.
In the 40 minutes it took to sell out the Stoner Cat non-fungible token (NFT) collection, there were a lot of ups and downs. The NFT sale was timed to coincide with and promote the release of “Stoner Cats,” a new adult cartoon series. An NFT collection of 10,420 stoner cats was minted to promote the concert, and the team tweeted, “SOLD OUT in 35 meow-nutes!” On the Stoner Cat website, collectors could buy the cats for 0.35 ETH each, or about $800.
The NFTs include not just a digital work of art, but also lifetime access to all future episodes of the television show. Additionally, the show will be available to NFT owners initially before being made available to the general public. Even though the incident was brief, it caused Ethereum gas costs to skyrocket and jammed the entire network.
The price of Ethereum gas is skyrocketing.
The Stoner Cats NFT sale pushed gas prices beyond 600 Gwei, a level not seen in a long time in the industry. According to a tweet from DeFi Prime, the fastest transactions cost 709 Gwei, or roughly $33, while the slowest option, which took 10 minutes to complete, cost nearly $10. DeFi Prime’s follow-up tweet points to a page with Dune Analytics data showing that during the frenzy, 344.4 ETH, or roughly $700,000, was lost due to botched Stoner Cat transactions.
Kunis stars alongside Aston Kutcher, Jane Fonda, Chris Rock, and Seth MacFarlane in the adult cartoon series Stoner Cats. Even Vitalik Buterin, the co-founder of Ethereum, appears in the performance as “Lord Catsinton,” an elderly dead cat. Stoner Cats is funded by NFTs and intends to fund its production with sales like this.
The production received roughly $8 million in funding from one sale alone. A handful of the Stoner Cat NFTs are once again available for purchase on the OpenSea marketplace for 420 ETH, or slightly over $1 million.
During the first season of the show, an additional 3,000 NFTs will be coined and distributed.