The introduction of the Otherside metaverse saw the highest manufacturing and sale of Otherdeeds NFT or non-fungible token ever seen, totaling 55,000 NFT at a set price of 305 Apecoin each piece, at an exchange rate of $ 5800.
Today, Otherside the new metaverse of Bored Ape Yacht Club has been launched creating some problems with the Ethereum blockchain, and the Ape coin is accepted by a well-known NFT platform. Good morning and Welcome to The Comprehensive Minds!
Otherside, the metaverse of Ape Bored Yacht Club, was launched on April 30th. Accompanied by a lot of curiosity, if in part its release inaugurated a new phase for the meta world, the expected launch of the metaverse also in some ways left a bitter taste. Hours before launch, Yuga Labs had surprisingly announced that Otherside’s nft or nonfungible token digital virtual land lots, called Otherdeed, would not be awarded through a Dutch auction, but could instead be purchased at a fixed price of 305 ApeCoins. But First, shortly introduce Otherside.
What exactly is Otherside?
The Otherside metaverse was developed in partnership with Animoca Brands, a firm that specializes in delivering intellectual property rights to players and Internet users worldwide, as well as resources and play-to-earn economies within the metaverse.
Other NFT artists involved in the metaverse include CryptoPunks, Cool Cats, CrypToadz, Meebits, Nouns, and Mutant Ape Yacht Club.
The NFT Bored Ape Yacht Club project is on the other side
This statement immediately kicked off a noticeable reduction in the wave of purchases of the Bored Ape Yacht Club token, which until then users were racing to accumulate as much as possible ahead of the start time of the purchase of the lands of the new metaverse. Furthermore, to fuel the bearish climate of the volumes traded was the choice to put a limit on the virtual lands that can be purchased, in fact, at the launch, the first wave of NFT Otherdeed was restricted to only two non-fungible tokens per user.
Going to the value of ApeCoin or more simply $ APE, which we recall can be purchased on Coinbase Exchange, Binance, WOO Network, TokoCrypto, BingX, eToroX, and Crypto.com Exchange; on April 28, two days prior to the launch of the metaverse, the token had reached a price of $ 27.52, the second-highest peak since its launch. The token then began to drop dramatically hour by hour and currently at the time of writing this article, the token is settling at a value of $ 16.21.
But since the launch of Otherside, how much has YugaLabs made from the sale of Otherdeeds?
Well, within 24 hours of selling the NFT lands, it generated a whopping $ 561 million. More precisely, with the largest production and sale of NFT or non-fungible token has ever seen to date, making up for a total of 55,000 NFT at a fixed price of 305 Apecoin per piece, at the exchange rate of $ 5800, Yuga Labs grossed around 319 Millions of dollars.
Furthermore, it must be calculated that a secondary volume settled on 242 million was also generated, of which more than half or 190 million were made on OpenSea, one of the major NFT sales platforms. In light of this last fact, a move that could create important developments in the future of ApeCoin, OpenSea, in fact, has made it official that it has expanded the payment methods, which currently also include Ethereum cryptocurrency, also to the crypto of Bored Ape Yacht Club.
It is important to underline that at the launch the big sale of nft stressed the Ethereum blockchain and created some problems. In fact, the numerous transactions have caused a surge in Ethereum gas, making the commission reach 2.6 ETH or even 5 ETH, with an average gwei recorded 200 times higher than normal, which can vary from 30 to 60.
Overall, the equivalent of $ 180 million, or 64,000 Ethereum, was realized in gas commissions. Many users have complained about problems and the inability to complete the purchase. As we know Apecoin is the basis of the Otherside metaverse. In this regard, the token has a DAO governance and as such offers token holders the right to vote on various proposals that are made within the community. In this direction, to remedy what happened with the Ethereum gas, Yuga labs proposed to the holders of the token the migration of ApeCoin from the Ethereum blockchain to their own.