Otherside – The Dark Side of Yuga Labs’ (BAYC) Otherdeed NFT Sale – CryptoActu

The NFT market is doing quite well in this period of compulsive howling at the bear market. With cryptocurrencies associated with trendy projects whose curves very clearly contradict the general downward trend. And at the head of this pack, the Bored Ape Yacht Club (BAYC) project, still determined to impose its digital hominid imprint on this entire ecosystem. As proof, the last sale organized by the Yuga Labs studio of virtual lands of as yet unknown utility. But at the origin of a real collective hysteria, between the sale of KYC wallets and hallucinating gas costs on the Ethereum network.

Impossible not to have heard of the Bored Ape Yacht Club (BAYC) project, even outside the crypto zone. The latter carried by the Yuga Labs studio becoming the new undisputed leader of the very young NFT sector. With the latest feat, the takeover, as surprising as it is historic, of the emblematic CryptoPunks. And a central position that definitely struggles to stick with the Web3 aspirations sold by its communication service.

Anyway, everything related to the BAYC project excites investors. To the point of seeing the emergence of many multiple and varied scams surfing on this trend. With real crowd movements, as during the launch of the Apecoin (APE) cryptocurrency last March. And regardless of whether its initial distribution is problematic, its price skyrockets under the disbelieving gaze of an absentee market. But that was without counting on the next step: the sale of digital land in the virtual world Otherside happened this weekend.

BAYC – Initial sale of NFT Otherdeed

The information had been made public several weeks ago by the Yuga Labs studio, at the origin of the Bored Ape Yacht Club project. This about the sale of digital land Otherdeed, supposed to represent 55,000 plots of its virtual universe Otherside. A new feat for this collection of NFTs which, in just over a year, has become the spearhead of this ecosystem. And as always, the origin of a palpable excitement in the ranks of collectors sometimes closer to mere speculators. As in the case of these (re)sales of wallets authenticated by KYC in order to be able to access them fraudulently. With a storm that violently hit Ethereum network transaction fees this week-end.

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Because the procedure put in place required paying for these digital lands using the native BAYC cryptocurrency. The latter developed in the form of an ERC-20 token on the Ethereum network. With an initial offer (mint) set at 305 APE (close to $6,000) which was already sorting out the ranks of potential investors. All this decidedly far from the historical launch of BAYC, distributed at the time for a few tens of dollars. And without counting on the catastrophic – but yet known – consequences of this kind of operation on the fees of the Ethereum network. Because at the height of this sale, the invoice exceeded 50% of the purchase price.

BAYC – Otherdeed vs Ethereum network

Indeed, and as expected, this sale of Otherdeed plots was a phenomenal success. And only the desire of Yuga Labs to distribute the delivery over several hours has made it possible not to see it settled in just a few seconds. But with the collateral consequence of having caused a very significant congestion of the Ethereum network over this same period. All accompanied by transaction fees exceeding the improbable and obscene amount of $4800, at the height of this operation. That is to say an Otherdeed plot at more than $10,000 instead of the $6,000 expected. With miners as the main beneficiaries, having invoiced more than 87.6 million dollars in a single hour. An unprecedented historical record in the field!

A problem quickly noticed by Yuga Labs, at the origin of a tweet in order to reassure the participants in this once again chaotic sale. With the announcement of a reimbursement of gas costs, one wonders who will really benefit from it. All this about an Ethereum network presented perhaps a little too quickly as a “bottleneck” and solely responsible. Affirmation to which Vitalik Buterin did not fail to react, explaining thatit is much more an economic misunderstanding on the part of the initiators of this kind of procedure. And this while linking to a very informative article, written on the subject in… August 2021. Extract:

More recently, ICOs have become less popular, but NFTs and their sales are now very popular. Unfortunately, the NFT space failed to learn from the lessons of 2017. And they still do fixed quantity fixed supply sales, just like ICOs. »

Vitalik Buterin

Otherside – $315 million raised

Be that as it may, this operation has everything of a historic sale. With an amount collected by Yuga Labs estimated at 16.7 million APE (approximately $315 million). And holders of BAYC and MAYC, but not CryptoPunks, able to claim a free parcel held for them for 21 days from the original sale date. This in order to be able to be part of this Otherside metaverse project, the implementation of which should be done on a native blockchain, developed for this purpose. With in the end, 100,000 lots to delimit the virtual world.

We are still working on reimbursing gas fees for all Otherdeed mint participants whose transactions failed. Note that you don’t have to do anything – the funds will be transferred directly to the wallets and we will announce when this is complete. Do not click on any links. »

Yuga Labs

A new proof of the strength and interest aroused by the Bored ape Yacht Club project. But also the dynamic that drives its development team, always innovating and offering new features. And currently in the process of reimbursing all investors harmed by failed transactions. Because the latter were still invoiced by the miners of the Ethereum network, major collateral beneficiaries of this operation. All of this presented by Vitalik Buterin as a “negative externality” that no one will definitely miss with the upcoming implementation of its version 2.0!

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Otherside – The Dark Side of Yuga Labs’ (BAYC) Otherdeed NFT Sale – CryptoActu

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