Yuga Labs, the creator of the boring Apes Yacht Club, launched the long-awaited Otherside Metaverse project last night, selling 55,000 Otherdeeds NFTs and raising nearly $ 320 million. This amount decreased to $ 287 million after the ApeCoin retrace. It was valued at $ 19 at the time of mint. This represents the largest NFT offering ever.
Demand on the other side was so great that it disrupted activity and caused a surge in transaction fees or gas prices, with a spillover effect throughout the Ethereum blockchain. Crazy demand for Otherdeeds NFT from Otherside Metaverse generated $ 174 million in gas charges in just three hours. That’s $ 1 million per minute.
Within the first 1.5 hours of the otherside launch, gas charges in excess of $ 100 million were incurred, during which time up to 47% of Ethereum Network gas charges were associated with enthusiastic mining on other othersides. Was there. Many transactions failed as users realized they were paying crazy high gas prices. Some users have noticed that they are paying as much as $ 10,000 for gas to build the land on the other side.
Otherside Mentha was open to the owner of the ApeCoin token, which was identified through the relevant KYC procedure. They had to jockey a limited 55,000 lots of land on the Otherside by purchasing a virtual land certificate known as Otherdeeds. The other is the latest Metaverse from Yuga Labs and an extension of its Bored Apes Yacht Club (BAYC), which is said to transcend BAYC and incorporate other Metaverse ecosystems.Even before the launch, this was a large-scale launch, and the certificate was Social capital Used by Yuga Labs and BAYC in the NFT world. Expectations pushed up the price of ApeCoin in the preparatory stage for launch.
Saturday night, ApeCoin was priced at $ 19, so the cost for all parcels on the other side was about $ 5,800. In addition to this, buyers have to pay transaction costs or “gas charges” (in the case of Ether), and due to the strong demand attracted to land sales, these after the other side sales started last night. Transaction costs have skyrocketed. Transaction fees have skyrocketed to the point where buyers need 2 ethers or $ 6,000 to mint. This was higher than the actual price of one Otherdeed.
The sale of Yuga Labs’ virtual land caused one of the biggest surges in Ethereum’s transaction fees. Why did that happen?
To create a token or execute a transaction on the Ethereum blockchain, the trader or token creator must pay the person who ordered the transaction on the blockchain network. Transaction fees soar whenever the network is busy, so higher fees are required to prioritize transactions. In a hurry like the Other Side Launch, where so many transactions need to be prioritized in the minting process, prices have simply gone out of control. This also negatively impacted other Ethereum-based apps and services. Transactions on other platforms had nothing to do with other mint, as the network was significantly slower as the network responded to high demand from other buyers.
Yuga Labs initially planned a Dutch auction format in which the price of Otherdeed NFT would gradually decline to avoid network congestion and high transaction fees on the Ethereum blockchain. He then shelved the format in support of a rollout plan that limits the number of other activities users can buy per wallet for each wave of sales. But even this new format caused congestion on the network, and Yuga Labs later announced Twitter’s apology for “turning off the Ethereum lights” and suggested creating an ApeCoin blockchain.
ApeCoins generated on the night of launch will be locked for one year. Since it will not be sold during that period, the circulation of coins will decrease. Yugarabo did not reveal to whom the money generated by the sale of land on the other side would go.
Yuga Labs sold 55,000 other certificates on Saturday, and an additional 45,000 Otherdeeds were assigned to those holding Mutant Ape and Bored Ape Yacht Club NFTs, as well as Yuga Labs and other project developers. According to information on the Otherdeeds website, approximately 100,000 Otherdeeds will be awarded later to some Otherdeeds holders.
Sales of the 55,000 Otherdeed NFT ended on Saturday by midnight New York time, but Yuga Labs postponed the process for BAYC and MAYC holders to request a free certificate, preventing further spikes in gas prices. I prevented it. However, once the charges were settled, the billing process was restarted later.
ApeCoin wants to be a widely used token in web3 apps that use blockchain and digital coins. This gives owners access to a wide variety of services, events, games, and products. ApeCoin is also the governance coin of ApeCoin DAO. OpenSea has also announced that it will accept ApeCoin for the launch of Otherside.
The March launch of ApeCoin was supported by various venture investors such as Animoca and Andreessen Horowitz and was one of ApeCoin’s largest recipients. Coins are created as “airdrops” and certain owner groups automatically receive 1 billion tokens as a reward. These crypto holders and other launch partners have acquired 140 million tokens or about 14%. The price of ApeCoin has fallen by double digits since its launch, but it is on the rise toward the launch of the other side.
The turmoil surrounding the launch of The Otherside contrasts with the general downturn in the crypto market this year. Bitcoin has fallen 18% since the beginning of the year, and monthly sales for the NFT marketplace OpenSea have fallen from their January highs.
Recently, there have been launches of other Metaverse lands, which involved only a small number of users and limited transactions. Decentraland has seen a 35% reduction in transactions over the last 30 days.
Yuga Labs has not yet announced the release date for Otherside. The company has released a trailer showing apes flushing bottles, drinking their contents and embarking on an adventure.
https://virtualrealitytimes.com/2022/05/02/how-the-otherside-mint-crashed-the-ethereum-blockchain/https://virtualrealitytimes.com/wp-content/uploads/2022/04/Otherside-600×350.pnghttps://virtualrealitytimes.com/wp-content/uploads/2022/04/Otherside-150×90.pngworkNFTYuga Labs, the creator of the boring Apes Yacht Club, launched the long-awaited Otherside Metaverse project last night, selling 55,000 Otherdeeds NFTs and raising nearly $ 320 million. This amount decreased to $ 287 million after the ApeCoin retrace. It was cherished …Sam OchanjiSam
Ochanjisochanji@yahoo.comAdministratorVirtual Reality Times
