The much anticipated Yuga Labs’ Otherside Metaverse Project has made some last minute changes ahead of their launch day and canceled the originally planned Dutch auction for the NFT mint.
Yuga Labs had planned to hold the sale under a Dutch Auction format, in which the price decreases over time to prevent gas wars, but later revealed in a blogpost that such auctions are “actually bullshit”.
“They do not successfully mediate demand, nor do they really negate gas wars in highly-anticipated mints,” the blogpost stated.
There are a total of 55,000 Otherdeeds NFTs available for purchase in the mint event. Each NFT is priced at 305 APE, about $7015 at the time of writing.
Due to community demand the users are allowed to set pre-approval for Apecoin starting at 9am ET today. The actual sale will begin at 9pm ET on the Otherside website.
The sale price for the mint will remain constant throughout, and users can only mint 2 NFTs per wallet on the first wave.
The minting limit will be adjusted to allow a second wave of minting once the initial wave of relatively low-gas transactions has been done and the network has calmed down.
In the second wave, KYC-ed wallets can mint up to an additional 4 NFTs. This pattern of minting bump limits will continue until the entire supply of NFTs is depleted.
This strategy should keep catastrophic gas wars at bay while simultaneously promoting as much participation as possible.
It was stated that anyone with KYC verified wallets will be able to purchase from the 55,000 Otherdeeds, but did not clarify how many will be distributed to current BAYC and MAYC NFT owners.
The excess of KYC’d addresses, on the other hand, has spawned a Twitter-based secondary market, with opportunistic merchants attempting to sell these KYC’d Ethereum addresses to anyone interested in participating in the Otherside mint.