TIME magazine's NFT collection sells out in one minute, bot activity suggested

TIME magazine’s launch of an NFT collection did not go smoothly on Thursday. 

Not only did the collection of 4,676 NFTs sell out in one minute, users experienced gas prices reaching 9,000 gwei for a rapid transaction. When minting finished, there were roughly 700 holders of NFTs. 

Anish Agnihotri, a researcher at Paradigm, claimed that bots were at play. “Any NFT drop that is First Come First Serve is bound to experience the same level of bot activity and push the auction into the gas markets,” Agnihotri said on