Gary Vaynerchuck's brother AJ Vaynerchuck made headlines over the troubled NFT sale of the VaynerSports Pass project.
According to a blockchain analytics platform Ultra Sound Money, the Ethereum network registered a record burn of 4,436 ETH (over $14 million) just in an hour, making some believe the bumpy sale of the VaynerSports Pass collection was the main reason for this record.
Founded by AJ Vaynerchuck, VaynerSports Pass is a utility-first sports NFT collection. The project's description on OpenSea claims that the pass provides its owners with "unrivaled utility, collectability, and continued value through partner project mints which holders will be able to mint for the price of gas alone."
However, that narrative might be unsustainable given the hurdles buyers faced when they tried to buy the tokens by contacting the project's smart contract. While the true nature of the difficulties remains unclear, some found that out of 5,000 transactions, 274 failed, resulting in a loss of at least 144.7 ETH (~$466,000). At the same time, the sale itself generated revenue of 2411.025 ETH (~$8.2 million) for the project's founders. But AJ didn't let things slide. Later, he launched refunds for those affected by failed transactions. Users can already look up their wallets or transaction on the list. "A failure on my part," he added.