On Saturday night, the $4 billion firms behind the Bored Ape Yacht Club (BAYC), Yuga Labs, held its much anticipated Otherside metaverse mint, clogging the Ethereum mainnet and bringing gas prices to new highs.
What is Otherside?
Otherside is a metaverse gaming environment that will bring together a number of NFT projects such as the Apes, CryptoPunks, Meebits, Cool Cats, and others. Yuga Labs, the Bored Ape Yacht Club designer, is working on the experience alongside Animoca Brands, the publisher of NFT games.
Up to 10,000 people may engage in the same area, in-game natural voice chat makes it easier to hear those you’re fighting, sophisticated physics and AI enable complex and interactive things, and an overall next-level social experience for players are just a few of the unique features.
Yuga Labs has made almost $561 million from the Otherside’s “Otherdeed” NFT sales in less than 24 hours.
Otherdeed: In Otherside, Otherdeed is the key to claiming territory. Each has its mix of environment and sediment — some contain resources, while others have significant artifacts. For example, a beast known as Koda lives in certain far-flung regions.
What actually happened?
55,000 NFTs were created at 305 APE each, implying that each Otherdeed cost around $5,800 at the time of minting, based on Apecoin’s pricing (roughly $19). This mint alone brought in approximately $318.7 million for Yuga Labs. The Otherdeed mint, which started at 9 p.m. EST on Saturday, sparked an Ethereum gas war almost immediately because of many NFTs and increased demand.
Some users could have their transactions approved within a few hours for a few hundred dollars in gas expenses, while others claimed spending upwards of $4,000 for a single transaction amid the commotion. Otherside-related transactions have consumed about $180 million in gas costs, totaling over 64,000 ETH.
On the other hand, Yuga Labs tweeted that individuals who had unsuccessful transactions would be refunded.
