User Pays $500,000 in ETH Fees to Issue 1,000 NFTs

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A crypto investor has recently paid 204 ETH or $490,000 as a fee to issue 1,000 non-fungible tokens (NFTs) from the Tubby Cats collection, according to Etherscan.

The user has spent 100 ETH ($240,000) to mint the NFT tokens. In total, the crypto investor has spent $730,000 to receive tokens.

In September 2021, cryptocurrency exchange Bitfinex transferred $100,000 in USDT on the Ethereum network to the Deversifi decentralized trading platform. The transaction fee amounted to 7,670 ETH ($23.6 million when the transaction was conducted).

The commission exceeded the transfer amount by 236 times. The mining pool that made the transaction returned the funds to Bitfinex later, explaining the excessive fee was charged as a result of a failure.

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