Selling ‘The Otherside’ non-fungible tokens (NFT), from the creator of the well-known Bored Ape Yacht Club (BAYC) NFTs, was a huge succes† Apecoin (APE) owners could get one of 55,000 NFTs for 305 APE, and they did so en masse.
Apecoin owners get Otherdeed NFTs
The Otherside is a metaverse project by Yuga Labs, creator of the BAYC NFT collection. Part of the new project is the launch of Otherdeed NFTs. These tokens give owners the right to claim land in the new virtual world.
The sale went yesterday, too mint referred to as starting. Within three hours, all 55,000 available NFTs were sold. To get an Otherdeed NFT, one had to surrender 305 APE, worth about $5,800 at the time. In short, Yuga Labs raised over $300 million with the sale!
Participants had to verify themselves by means of a know-your-customer (KYC) process. This is to prevent possible problems with regulators in the future.
Ethereum miners are experiencing golden times
Because APE owners use their cryptocurrency via the Ethereum (ETH) network to the appropriate smart contract had to send, the network experienced an enormous load during the three hours. As participants were eager to get their hands on an Otherdeed NFT, they ended up in a gas was.
This shot up transaction costs, earning ethereum miners more than $87 million in just an hour.
#Ethereum miners are happy though – they made $87,664,337 within a single hour.
An ATH of course, by far.https://t.co/2OnF0m3OCl pic.twitter.com/eChNqO2RtT
— Rafael Schultze-Kraft (@n3ocortex) May 1, 2022
In total, $172 million in additional transaction costs would have been paid during the gas war. Yuga Labs is also criticized for this. So said the developer Foobar:
“You wrote a terribly unoptimized contract and created a gas war, lied by saying that you would use the Dutch auction mechanism to pump up your own story and hid how many wallets were eligible for the mint.”
Apecoin price crashes
A total of 100,000 Otherdeed NFTs will be created. Of these, 55,000 have now been sold. The remaining 45,000 NFTs will be airdrop distributed to BAYC and MAYC NFT owners.
The apecoin price rose sharply in the run-up to the mint. Since one had to exchange APE for an Otherdeed NFT, the demand increased and with it the value of the crypto. However, now that the mint has ended, the price immediately crashes. At the time of writing, APE is down more than 25%.
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