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Mint Price of Popular NFTs Including Otherside Plummet

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Floor prices for several of the most popular NFT collections, including the top-traded Otherdeed for Otherside metaverse land, are falling to their lowest levels in over a week.

As more big collections are hit, the disputed Otherdeed for Otherside nonfungible token (NFT) floor price has plummeted below its mint price to 2.45 Ether (ETH), worth roughly $5,713 at the time of writing.

Yuga Labs’ Otherdeed for Otherside collection, which included the Bored Ape Yacht Club (BAYC) collection, was a much-anticipated NFT mint for their planned metaverse platform.

Top NFTs show evident price drop

The excitement around the new mint appears to have worn off, as the collection’s floor price fell to 2.45 ETH before stabilizing, according to NFT market NFTGo. At the time of debut, each Otherside land cost around 2.9 ETH.

Since Wednesday, when it was hovering at 3.5 ETH, which was worth over $10,000, the floor price has been falling.

Otherdeed generated a commotion in the market when it choked the ETH network and drove gas prices to absurdly high levels during its mint day, prompting Yuga Labs to concede there was a problem and refund all rejected transactions’ gas fees.

In addition to Yuga’s Otherdeed collection, the floor price of the omnipresent BAYC collection has plummeted in the last seven days. The BAYC floor price has plummeted by 15% to 91 ETH since Wednesday. While this still amounts to around $212,000, it is about $100,000 less than it was a week ago.

Azuki, the anime-inspired art NFTs, is another prominent collection that has had its floor price decline. Azuki’s floor price has dropped by more than half since May 4, from 30.5 ETH to 15 ETH.

On the largest NFT marketplace, OpenSea, BAYC, Otherdeed, and Azuki are all trading among the top 10 collections.

Sluggish sales volumes throughout the whole non-fungible tokens market may be the main reason for the reduction in floor pricing. Up until Monday, the seven-day volume for Non-fungible tokens had been steadily declining.

On the other hand, the market has had a roughly equal and opposite reaction in the last 24 hours. According to NFTGo, sales volume has increased by 32% since Monday.

Otherdeeds’ 24-hour sales volume is up 52 percent, BAYC’s is up 30.5 percent, and Azuki’s is up a staggering 1802 percent by collection. The decreased ETH prices likely indicate a bargain for the collectors.

Yuga Labs Keeps up the Promise: Failed ‘Otherdeed’ Transaction Users Receive Gas Fees

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Yuga Labs reported in a Wednesday Twitter thread that everyone who failed to mint an “Otherdeed” non-fungible token (NFT) before April 30 had received their gas fees back.

Yuga Labs stated in the thread, “We have reimbursed gas prices to everyone who performed a transaction that failed due to network constraints created by the mint.” “The fees were refunded to the wallets that were used for the initial transaction.”

According to statistics from Etherscan, Yuga Labs spent a total of 90.57 ETH (approximately US$265,000) on 640 refunds. The most significant individual return was 2.6 ETH (about $7,500), and the company spent 0.26 ETH (around $783) in gas expenses to send out all of the reimbursements.

Yuga Labs faced the repercussions of the failed mint

Yuga Labs, which owns Bored Ape Yacht Club, one of the most costly collections of nonfungible tokens (NFTs), started selling its latest digital products on April 30.

The costs were just too exorbitant for many consumers. Some people paid transaction fees that were more than five times the amount of the item they bought.

The auction was part of Yuga Labs’ ambition to develop Otherside, a crypto-based metaverse featuring the Bored Ape characters.

Like other crypto-based platforms such as Decentraland and Upland, Otherside will partition the geography into patches of virtual land called Otherdeeds, which will be sold to players as NFTs.

While the auction raised $253 million, the increased demand overloaded the Ethereum network, causing transaction costs known as gas fees to rise. Many consumers who spent less than $10 for an NFT were forced to pay tens of thousands of dollars in petrol costs. An unknown buyer paid $45,000 in transaction costs for a $5,800 NFT.

Yuga had announced the refund days in advance and cautioned consumers about possible phishing schemes imitating the company, which had been common in recent days.

Yuga used MultiSender to disperse the payments to decrease the possibility of fraud on the refund’s back end. Before receiving money, MultiSender does not need wallets to engage with or confirm a contract.

Yuga Labs Otherside Metaverse Sales Cause a Surge in ETH Gas Fees

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While the Yuga Labs and BAYC community saw the world’s largest nonfungible token (NFT) mint, Ethereum gas costs skyrocketed, and users experienced failed transactions owing to network delays.

Yuga Labs, the company behind the Bored Ape Yacht Club, has begun selling Otherdeed nonfungible tokens, which represent digital land titles, on its latest initiative, the Otherside metaverse.

Yuga Labs made $319 million when 55,000 NFTs sold out almost instantaneously, with each piece of land selling for 305 ApeCoin (APE), or roughly $5,800 at the time of the sale.

While Otherdeed NFTs were exclusively available in APE, they did require Ether (ETH) for gas costs.

Yuga Labs’ minting mechanics envisaged the selling of NFTs in stages, anticipating a brief increase in gas costs, which would subsequently slow down the number of people minting the NFTs:

“This pattern of mint → bump limit → mint → bump limit will continue until NFT supply is exhausted. This approach is expected to prevent an apocalyptic gas war, while also encouraging as broad a distribution as possible.”

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Yuga Labs Otherside Metaverse Sales Cause a Surge in ETH Gas Fees 3

Yuga Labs witnessed a gas unlike never before

Users witnessed gas fees unlike ever before which also affected their ETH holdings in the surge to own a plot of Otherside Metaverse. According to Etherscan statistics, several users paid gas fees ranging from 2.6 ETH ($6500) to 5 ETH ($14000).

Yuga Labs noted, citing some of the challenges with using Ether during its NFT launch:

“We’re sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale.”

Yuga Labs has offered to return the gas value to customers who have lost their ETH holdings in gas owing to unsuccessful transactions.

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Yuga Labs Otherside Metaverse Sales Cause a Surge in ETH Gas Fees 4

Due to the inflow of ecosystems hosted on the blockchain, particularly NFTs, Ethereum’s famed gas costs have been a long-standing source of anxiety within the community.

To reduce the overall transaction call data gas cost across the ETH network, Ethereum co-founder Vitalik Buterin suggested a new block-wide restriction on total transaction call data in November 2021.

While the community accepted the idea, implementing EIP-4488 on Geth’s Ethereum-sidechain testnet took almost four months. Qi Zhou, a member of the community, verified the news on Wednesday.

Ethereum crumbles as Otherside NFTs sell for a record-breaking $317M

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Ethereum [ETH] buckled under pressure during the record-shattering sale of Otherdeed non-fungible tokens [NFTs] on Yuga labs’s new project, the Otherside metaverse. As the world’s largest NFT mint unfolded, ETH gas prices surge to 8000 Gwei, data from Etherscan block explorer showed.

For the record, Otherdeed NFTs could be minted only in APE, it also required ETH for gas fees. The minting mechanics set by Yuga Labs intended the sale of NFTs in phases keeping note of the gas price. However, that didnt go smoothly as anticipated.

Chaos soon descended where Ethereum users tried to buy NFTs at the same time and outbid each other by using the network’s transaction fees.

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That caused the fees on the blockchain to spike to unprecedented levels, in addition to users experiencing failed transactions due to blockchain bottlenecks.

High mint fees caused many to complain they were unable to make purchases.

Ethereum’s high gas fees act as spoiler

Yuga Labs then took to Twitter saying that the Otherside metaverse may be looking to migrate away from Ethereum to its own Layer 1 blockchain to improve scalability.

“We’re sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale.”

For those that lost their ETH holdings in gas due to failed transactions, Yuga Labs has promised to refund the gas amount back to the users.

The mint price cost 305 ApeCoin, worth nearly $5,800 at the time of mint. It raked in 16.7 million ApeCoin [$317 million], making it a all-time largest NFT mint.

For those unfamiliar, a mint is a public offering in which NFTs are sold through a smart contract on a blockchain like Ethereum.

Todays’s event highlighted Ethereum’s exorbitant gas fees which have been a long-standing concern among the community.

The Ethereum serenity upgrade is currently in the second phase, which includes a number of activities, including migrating to a PoS protocol and sharding chains. Once these two upgrades are completed, the ETH’s chain speed is expected to increase drastically, and bring down the gas fee significantly.

ApeCoin Is Trading at an All-Time High Ahead of the Metaverse Launch

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ApeCoin, developed by Yuga Labs, is trading at all-time highs ahead of Saturday’s Otherside NFT auction. The NFTs are thought to represent land parcels for the Otherside Metaverse.

The subsequent major development in the universe of the Bored Ape Yacht Club is just around the corner.

Participants can take part in the first mint for Otherside, a new Metaverse being launched by Bored Ape Yacht Club founder Yuga Labs, can join today if they pre-registered on somethingisbrewing.xyz before April 1st. The NFTs represent Otherdeeds, 55k plots of land that will be available for sale.

The Otherside metaverse and apecoin

ApeCoin’s price has shown fluctuations ever since its debut on March 17th. It dropped to an all-time low of $6.21 shortly after its introduction but swiftly recovered. ApeCoin has marked new all-time highs since April 21 and is currently trading at $22.

ApeCoin has recently risen above rival Metaverse coins like Decentraland’s MANA and The Sandbox’s SAND. APE has a market capitalization of about $5.7 billion, making it the 28th most valuable cryptocurrency.

Yuga Labs NFTs are also selling at record values on OpenSea, in addition to ApeCoin’s new highs. The floor price of Bored Apes has risen by 40% in the last 30 days to approximately 140 ETH.

Mutant Apes has suffered a more severe price hike, with the most affordable specimens now costing 37.5 ETH, up 70% from a month ago.

The upcoming Otherside NFT mint is responsible for much of ApeCoin’s recent surge. There is talk that a special NFT marketplace will launch simultaneously as the NFT mint, allowing for exclusive trade of the new NFTs.

Some have claimed that requiring know-your-customer identification for individuals pre-registered for the NFT drop would only have been essential if users expected to benefit by selling NFTs directly through Yuga Labs’ platform.

The land known as the Otherdeeds will be for sale. For 305 APE per plot, each piece of land will be accessible. For customers who have completed KYC, a total of 55k land plots will be available for purchase.

Instead of going to the Dutch auction, the team chose to sell Otherdeeds for 305 ApeCoin. The researchers predicted that the Dutch auctions would fail to stop the gas wars in these hotly contested mints.

As a result, instead of Dutch auctions, sales will occur in waves. One KYC’d wallet may only mint 2 Otherdeeds in every wave. The crew will begin wave two once the gas price has stabilized.