Otherside NFT sales set several historical records, what are the details worthy of attention?
Author：CatcherVC
Original link：https://www.chaincatcher.com/article/2073505
Otherdeed for Otherside NFT goes on public sale on Saturday A protracted Gas fee war also kicked off.
Within a short period of time, ETH Gas fee rose rapidly, and the highest even exceeded 8000 gwei, many buyers sold for more than 2ETH gas fee, and they excitedly bragged on social media: “See you on the otherside! The other part of the world is still “on this side” of the congestion, staring at the ETH balance in their wallets and anxiously waiting in line, with the average gas fee continuing to be above 5,000 Gwei. As we all know, this number is normally only in the small double digits.
Some buyers lost their deals in this gas war, and Yuga Labs said at the end of the current round of sales that it would refund the gas fees to users who lost their deals, and that it was interested in migrating ApeCoin to its own chain.
This crazy gas fee war will undoubtedly make ethereum trading history again, the last time a similar scenario was CryptoKitties.
It was an expected frenzy.
On April 29, Otherside announced that in order to avoid a gas war that would cause too much ETH to be burned during the public sale, the Dutch auction (which will be sold at full price first and will be reduced over time if no one buys) has been cancelled and Otherdeed NFT will be sold at a fixed price of 305 ApeCoin.
Why 305? The number “305” is the city code of Miami, and those who are careful can see that on the image of BAYC on the official website of Yuga Labs,the number “305” has been written on the neon blue sign outside the “bar”. Miami is the beginning of all the stories of Bored Ape, and its narrative tone is the laziness, leisure and freedom of Miami’s “dirty bars”, while Otherside is an extension from the Miami shore, imagining the “other side of the world” that rises from the Miami swamps and the Atlantic Ocean. “It has a special meaning.
In addition, 305 ApeCoin is a relatively reasonable price, as Otherside was previously priced at roughly 600 ApeCoin when it said it would be sold in a Dutch auction, and Yuga Labs had said more than a month ago that it hoped to raise $178 million from each sale (in addition to secondary sale proceeds), when the Ape price was around for a dozen dollars.
In addition to moving to a fixed price sale, and to help users save on gas fees and reduce the likelihood of a massive Gas War, Otherside NFT also allows sellers to pre-approve 12 hours in advance. At the start of the sale, there will be a mandatory limit of up to 2 NFTs cast per wallet, and as casting continues, the number of NFTs that can be cast per wallet will increase.
But none of these measures will fundamentally change the network congestion and gas wars. With the launch of the Otherside project, 100,000 NFTs are available for listing, of which 55,000 NFTs are for public sale, 30,000 are allocated to BAYC and MAYC holders for free, and 15,000 are allocated to contributors. Of course, this is not the only primary market public sale, Otherside contains 200,000 plots, with 100,000 left to be sold at a later date (previously Yuga Labs had revealed that the second sale was planned for August of this year).
From 9:00 BST to around 11:40, 55,000 public sales of Otherdeed NFT were all minted, with a cumulative consumption of about 62,423 ETH, accounting for about 79% of the total consumption of Ethergas fees in the last 3 hours, which directly led to a record amount of ETH destruction in the last 24 hours New high. Each Otherside is priced at 305 APE, and based on the current unit price of $19, the cumulative sales amount is $318 million (ApeCoin from this sale will be locked up for one year).
As of press time, Otherdeed NFT at Opensea floor price is 5 ETH, and the total supply is about 68,500 units. Meanwhile, Bored Ape BAYC floor price has risen to 158.88ETH, a record high.
What makes Otherside worth waiting for?
Not even halfway through 2022, Yuga Labs is off to a strong start and has continued to do so.
Starting in January, Yuga Labs began marketing frequently, with celebrities such as OpenSea CFO Brian Roberts, soccer star Neymar, Justin Bieber, Musk, Jay Chou, Goldman Sachs Group executives, and others announcing their BAYC holdings or switching to BAYC avatars. With a series of operations, the BAYC floor price exceeded 100 ETH for the first time.
In early March, Yuga Labs successfully acquired CryptoPunks and Meebits series IPs.
On March 16, Yuga Labs, the BAYC development team, announced that it would launch MetaRPG, a meta-universe game project, and launch virtual land sales.
On March 19, Yuga Labs announced the Otherside trailer in its official Twitter feed. Since then, the value of BAYC and MAYCNFT quickly soared, and even NFTs such as CryptoPunks, Meebits, Cool cats, and World of Woman, which appeared in the promo, were pulled up.
On March 23, Yuga Labs received $450 million in funding led by a16z. This is the largest funding round in the NFT industry to date. The financing will be used for the construction of the new project Otherside.
It’s hard to know what you can expect and be surprised by next.
Last September, Yuga Labs had announced Roadmap 2.0 on Twitter, just mentioning the plans for the NFT store. The above series of moves, issuing coins, developing metaverse, etc. are all out of our perceived plans. But we can sort out a clear line from its development path, the team has revealed in an interview that Otherside has been in development since August last year, but it was called a “mysterious project” at that time.
Yuga Labs is best when it’s all about the appetite, and its CEO, Nicole Muniz, knows a thing or two about marketing, having previously founded a brand marketing agency. In all her interviews, when asked “what’s next”, she only mentions her vision, not her plans. Even CryptoPunks developer Larva Labs said in its acquisition statement that it was willing to sell because Yuga Labs was better at running and developing PFP (Profile Pics) type projects and their community ecosystem.
Otherside did not update its website and project descriptions until the eve of Otherdeed NFT’s public sale. Before that, people could only guess what the project was going to do in the Otherside trailer.
Otherside is positioned as a MetaRPG (RPG = Role-playingGame), and the team wants to build a Gamified, completely decentralized Interoperable World, Otherside is not just open for bored ape holders, other projects’ NFT NFT from other projects can be integrated into Otherside as well.
The NFT IP compatible with Otherside includes: Yuga Labs’ own copyright series BAYC, MAYC, CryptoPunks, Meebits, and other blue-chip NFTs including Cool cats, World of Woman, Nouns, Toadz. the team has previously publicly dissed Decentraland and sandbox, considering them “boring” and unacceptable metaverse not interesting enough and lacking usability. Yuga Labs wants to break down the “walls of the usability garden” and expand the boundaries to include all NFTs, and wants NFT holders to use their digital bodies in a virtual world to experience the Miami club scene.
Otherside continues the clever narrative of BAYC. The Otherdeed NFT parcels in this auction will each have their own unique properties, including parts of galaxies and parts of archipelagos, with islands stretching from the biological, swampy center to the infinite expanse. The land is built on five types of deposits: biological swamp, chemical slime, rainbow atmosphere, cosmic dream and infinite wide area. And the player’s actions are the key to changing these environments, deposits and unearthing treasures. Landowners are the creators and can participate in demos, prototypes, test builds, live events and contests.
In addition, there is a surprise to look forward to is Yuga Labs new series of 3D NFT Koda. 10,000 Koda will be randomly dropped into the Otherside plot. In the previous promo episode, Koda took Bored Ape into Otherside and met with CryptoPunks, Meebits and other characters.
In the official introduction, Koda is the original creature that leads players into the world of Otherside. “We don’t know why they brought us here or their relationship to this land. If you are lucky enough to encounter a Koda, please proceed with caution.” See, another sellout. Some speculate that Koda NFT will even surpass Moonbirds as the biggest dark horse of the year.
Yuga Labs ties together elements of NFT IP, Land NFT and APE tokens that are not limited to BAYC through Otherside. For example, MetaRPG will support players to exchange earned tokens for ApeCoin, which is the system currency of this game; the game is not limited to BAYC members, it will allow users to bring in other NFT images to access, or create in-game assets. The game will also provide developers with an SDK that will allow developers to create based on the platform, and the land in the game will be combined with real-world land. In addition, Yuga Roadmap 2.0 revealed that “there will also be a trading platform”.
This is another new idea of meta-universe creation after the meta-universe models of The Sanbox and Decentraland, which use land items as units. It is undeniable that Otherside is changing the landscape of the NFT market and the entire metaverse.
Will Otherside become the Marvel Universe of web3 as hoped?
Nicole Muniz, CEO of Yuga Labs, has mentioned in an interview that BAYC always revolves around three narratives: identity, ownership and usability.
Initially, BAYC members paid 0.08 ETH for a membership, and everyone in the community was equal. At ApeFest, ordinary teachers and small staff could come face-to-face with NBA superstars and famous singers. This used to be the ideal community culture in Yuga Labs’ development vision.
But right now, that admission ticket is running into hundreds of thousands of dollars. And the world of BAYC continues to tell the story of “the rich getting richer”: own BAYC — get Ape airdrop — get Otherside airdrop — get Koda, etc.
Yuga Labs positions the world of BAYC as the Marvel Universe for the Web3 generation, and while they do have more valuable IP than Marvel, becoming a $250+ billion entertainment giant like Disney is no easy task.
“Beyond beloved IP, consumer products are what will reach the mainstream audience,” Amy Wu of FTX Ventures once said of Yuga Labs’ Marvel universe ambitions.
After all, Yuga Labs’ current bar is becoming higher and higher, and the success of BAYC will inevitably lead to blue-chip projects that will absorb more money, creating a certain degree of monopoly, and new entrants in the NFT market will become increasingly difficult.
Nicole Muniz has also mentioned that efforts will be made to expand the community to more people, but it will depend on what surprises Yuga Labs will give to the industry in the future.
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