On September 1, the Internet Computer Protocol (ICP) launched its very first NFT collection called ICPunks. However, this was overshadowed by major problems.
Actually, ICP wanted to do something good for most users with this action. The ICPunks are a collection of 10,000 unique, randomly generated clows. These were intended as a reference to the hip-hop duo The Insane Clown Posse. The abbreviation for the hip-hop duo is also ICP.
These ICPunks were supposed to be distributed for free(CryptoMonday reported). However, when users attempted to do so, many were unable to load the application and thus were unable to claim NFTs. This meant that the network could not cope with the large amount of user traffic. Around 180,000 people were on at the start of the NFT mining – as it turned out, this was too many.
Apparently, a particular subnet, a single network within the Internet computer that hosted the NFT contract, could not handle the amount of traffic. The very backup that was implemented, which is supposed to help against spam attacks, caused users to not want to use the service. In fact, the network has never had to deal with such a large rush.
Large criticism of ICP by users
Users also criticized the network performance. In the social media, they gave vent to their anger. Many even spoke of a scam.
Already a few days earlier, a developer from DFinance, the company behind ICP, reported network problems during a test with comparatively few users (9000).
Critics are of the opinion that ICP’s network is not capable of carrying out such large-scale operations. Kyle Peacock, software developer at Dfinity, also admitted that the current architecture would have to be changed to handle such high traffic.
NFT drop reinforces earlier criticism
In the process, ICP had already come under criticism in the past. The Dfinity Foundation raised more than $200 million from leading crypto VCs, including Andreessen Horowitz (a16z) and Polychain Capital.
After the subsequent token sale, the cryptocurrency lost about 95 percent of its value. The all-time high from May 10, 2021 is $737, but the current price is only $66. In the current bullenrun has been a major disappointment compared to other cryptocurrencies in terms of returns.
While the team always touted ICP’s ability to achieve web scalability and become a world cryptocurrency, the very first NFT drop on the network failed to back up their claims. The network is still in beta, so hopefully the development team will improve the network infrastructure soon.