The highly awaited Yuga Labs’ Otherside Metaverse mint is finally over!! To no one’s surprise it became the largest NFT mint event in history generating over $561 million sales within 24 hours.
55,000 Otherdeed NFTs were sold at 305 APE each, implying that each Otherdeed costs around $5,800 at the time of minting. This mint alone brought in roughly $318.7M sales.
Over $242 million sales of the Otherdeed NFTs was in total secondary volume traded, and over $190 million of that was on OpenSea.
Only KYC-ed wallets were allowed to participate in the mint. The holders of BAYC and MAYC will be eligible to claim free land for the next 21 days.
The Otherdeed mint however, caused gas fees on the Ethereum blockchain to jump to 8000 GWEI as a result of the heavily hyped NFT release. This was the consequence of a gas war, with Etherscan receiving a lot of traffic and ended up crashing, angering a lot of users.
Ironically this was the same reason Otherside canceled the Dutch auction format for the Otherdeed NFT mint but at last ended up with issues related to gas wars anyways.
Holders of BAYCs have mixed feelings about the messy mint. Some accused the Ethereum network for the high costs and sluggish transactions, while others blamed Yuga Labs’ Otherdeed smart contract and mint policy.
While few people were able to get their transactions approved in a matter of hours for a few hundred dollars in gas expenses, others claimed to have paid upwards of $4000-$10,000 for a single transaction.
Ethereum co-founder Vitalik Buterin responded to the Otherside situation tweeting that optimizing the Otherdeed smart contract wouldn’t be of that much help.
Yuga Labs later expressed regrets for turning off the lights on Ethereum for a period, claiming that ApeCoin will need to relocate to its own chain in order to effectively scale, and asked the DAO to think about this solution.
Yuga is right now working on refunding the gas fees for all the Otherdeed NFT minters with failed transactions. They’ll be transferring it back to the user wallet and announce it when it’s completed.
Gargamel, a co-founder of Bored Ape Yacht Club, apologized to the community saying that “It’s especially a sour moment since Otherside has been a passion project for so long.”
At the time of writing, the floor price of Otherdeed NFT is 4.9 ETH. In less than 24 hours, the Otherdeed amassed a volume of 35,095 ETH, beating the latest 7-day total of any NFT collection.
Read More NFT News.
