0 8 2 minutes read. Drakes Octobers Very Own (OVO) brand will become G League Ignites official practice jersey Whos in, whos out? Thus, demand, artificial or not, seems to be there. The debate itself makes absolutely no sense. Remember when PROOF had a crazy gas war on their dutch? The Otherdeed NFT mint is sold out - we are awestruck at the demand shown tonight. The Otherside project was initially announced in March 2022. They are the beings that Yuga says have ushered us into the Otherside. The lore surrounding Kodas is intentionally fuzzy, as users arent supposed to know exactly what they are or why they exist other than that they have an important connection to the Otherside land. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. Yuga Labs' Otherside Metaverse issued its first NFT drop last night to wild success. The Otherside Metaverse NFT mint spearheaded by Yuga Labs is thus far the largest in blockchain history; 55,000 Otherdeeds NFTs were sold for a flat rate of 305 Apeocin, raising $320 million using an APE value of around $19; The mint congested the Ethereum network raising network fees to as high as 8,000 Gwei; Some users paid as much as $7k in fees But this has not dragged APE down, as the Yuga Ecosystem token in is up 48 percent on the week and is at $17.3 at time of writing. Just @GordonGoner spitting out facts. After a land sale for the Yuga Labs metaverse project, The Otherside, we've seen some of the highest gas fees ever paid on Ethereum. Yuga Labs has raised $450 million in seed funding at a $4 billion valuation. Some 55,000 NFTs were minted at 305 APE each, which means each Otherdeed cost about $5,800 given Apecoins price (approximately $19) at time of mint. The video centers on the launch of Otherside, a project from Yuga Labs with few public details. At mint, Otherdeeds sold for 305 ApeCoins per plot, and buyers were limited to purchasing only two plots per crypto wallet. See you on the OTHERSIDE! In the new proposal created during a consultative meeting between Yuga Labs cofounders and Randy Chung (Melonpan) of 10KTF, the creators agreed that wallet-to-wallet transfers should be free. Ethereum gas fees can see extreme spikes during such gas wars, and last night was no different, as fees suddenly spiked to thousands of dollars per transaction. Some thoughts on creator royaltieshttps://t.co/hKB5eQKZ93. While Yuga Labs explained, called for action from the ApeCoin DAO, and promised to reimburse users affected by the failed transactions, some community members dont think thats enough. The team outlined the mechanics as follows: At the start of the sale (wave 1), there will be a limit of 2 Otherdeeds minted per wallet. Yuga Labs, the parent company behind Bored Ape Yacht Club, began its much-anticipated Otherside metaverse NFT mint on Saturday night, which sold out in three hours. Jacque Vaughn: Who is the New Brooklyn Nets Coach? In fact, the sale never even reached the second of a proposed five+ waves. Regardless of contract details, tx fee goes up until list price + tx fee = market price. In the days that followed the sale, a single Otherside NFT cost about $11,000 on the secondary market. The Yuga Labs sale of the Otherside virtual land plots, . Required tools are available; however, a model like this must be configured to benefit creators. Just finished exiting all of my Ape related NFTsnow that Yuga has revealed their true colors, I can't unsee itcon artists of the highest order. Regardless, those with BAYC or Mutant Ape Yacht Club NFTs will be able to claim Otherdeed NFTs over a three-week period, allowing holders to avoid high gas fees. But NFTs are pumping. Apart from writing, she is inclined towards music in her free time. Similar to major leading Web3 creators, Bored Ape Yacht Club too hasnt appreciated OpenSeas move. P.S. Users will be able to harvest these resources and use them in the game. The expectation is that there will be either a five or ten percent chance of minting a Koda along with the land NFT (packaged together somehow), and early speculation is that Koda NFTs would trade at a premium to BAKC (thus over 14 ETH). We'd like to encourage the DAO to start thinking in this direction. And now Yuga Labs the company behind BAYC has started down the path to create their massive metaverse endeavor. Yuga Labs Might Make $400 Million From Otherside Virtual Land Sales. In March, the Miami-based enterprise raised $450M in a round led by venture capital firm Andreessen Horowitz, bestowing the . The Otherside metaverse will have 200,000 plots of virtual land. Then the RTFKT and Nike MNLTH finally revealed Friday night, to widespread acclaim as Nike's first generation CryptoKicks were debuted, along with vials (or skins for the shoes) and MNLTH 2. With top NFT marketplace OpenSea saying over the weekend that it may follow the trend of no longer enforcing creator royalties on secondary sales, more and more prominent artists and creators are making their views known. There's an preliminary Otherside NFT creator and Yuga Labs filed a trademark criticism towards him. Some sit on their highly desired Dark Thrones. High demand for the NFTs clogged the Ethereum mainnet and sent gas prices to shocking heights. FTX's Purchase By Binance still leaves more questions regarding their NFT investments; Lionel Messi partners with Sorare and Yuga Labs slams OpenSea and other marketplaces for their stance on royalties.Yuga Labs slams Royalty-Free OptionsFTX NFT Holdings Under QuestionMessi Signs With SorareDo you want to vote for your favorite projects to be . Some blamed the high fees and slow transactions on the Ethereum blockchain, while others blamed Yuga Labs Otherdeed smart contract and mint policy. Yuga Labs is the brainchild of two friends, Greg Solano and Wylie Aronow. pic.twitter.com/nzmwjsVm2K, Will Papper (@WillPapper) May 1, 2022. Yuga Labs, the startup behind the Bored Ape Yacht Club (BAYC) that's valued at $4 billion, had its highly anticipated Otherside metaverse mint on Saturday night, clogging the Ethereum mainnet and sending gas prices to shocking heights. In the beginning, Solano, Aronow, and two other friends worked with a group of artists to create the apes, the logo, etc. Some have criticized the Otherdeed NFTs, noting that they are the first Yuga Labs assets that dont grant holders full, BAYC holders had conflicting opinions about the chaotic mint. This means the aforementioned personal, non-commercial license granted to NFT owners can be revoked by Yuga at any time. Yet, as more U.S.-based NFT brands become popular, were sure to see this happen time and time again. Then the sale begins, and collectors can start to purchase NFTs at the designated price. Due to the high number of NFTs and higher demand, the Otherdeed mint, which began at 9 pm EST Saturday night, immediately caused an Ethereum gas war. Of course, you can trade it, and the Otherdeed marketplace has been booming since launch, achieving upwards of 200,000 ETH (over $568 million) in secondary sales only a few days after launch. It has since gone on to launch the Otherside metaverse, the home of the Otherdeeds NFT collection. pic.twitter.com/sHATsDXZJJ. Yuga Labs will change the MetaVerse forever with APECOIN and THE OTHERSIDE!https://otherside.xyz/https://opensea.io/collection/otherdeedh. The underlying fact is that, although projects may grow and thrive off the concept of decentralization, when they become full-fledged U.S.-based companies, they must then follow U.S.-based laws. On the path to Otherside though, there have been many investors and contributors backing Yuga Labs from the newly launched ApeCoin ecosystem. The team raked in more than $300 million in revenue. Web3-focused investment managers Yuga Labs the now-owner of the blue-chip NFT collection Bored Ape Yacht Club (BAYC) says its metaverse is gathering steam.. The Otherside project is ultimately an MMORPG (Massively Multiplayer Online Role-Playing Game) connected to the BAYC ecosystem. 4/30, 12pm ET. By NFT ZOO. Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Although Yuga promised to work out a solution to refund the ETH that many lost to gas fees, its been a small consolation to the greater NFT ecosystem. Each plot of land on the Otherside cost $5,846 at the time of the drop. Considering Animoca is also the driving force behind the widely popular metaverse game The Sandbox, the Hong Kong-based company has continued to solidify itself as a major player in metaverse endeavors. Some blamed the high fees and slow transactions on the, , while others blamed Yuga Labs Otherdeed. This will certainly be one to watch this week. There's no word yet when Yuga Labs will release the remaining 100,000 Otherside land parcels. The highly-anticipated mint generated nearly $320 million for the company, but that was not all. And although the markets are looking bullish, there are some recent red flags which could impact new drops and the overall ecosystem. Yuga Labs represents how innovative and unique Web3 organizations can be. Also, there wont be any impact on standard wallet-to-wallet transfers. Yes, indeed. Each is assigned a tier. Yet, its said that their true potential can only be revealed with time, further adding to the mystery surrounding these digital plots. The coins price rose a little after OpenSea began accepting ApeCoin on its platform last Friday before dropping again. On Saturday, April 30, following the launch of Yuga Labs Otherside Web3 project, the Ethereum blockchain network crashed. has nearly zero gas optimizations. He argued that just modifying a few words would have saved $80M+ in gas fees. The allowlist model suggested by Yuga Labs is the exact opposite of what has been proposed by OpenSea, which states making a blacklist for markets that don't completely value creator royalties. According to Yuga officials, this one-of-a-kind metaverse is an RPG that will work with all kinds of NFTs. Wed like to encourage the DAO to start thinking in this direction, they said on Twitter. Since Otherside sales began, the projects native coin dropped to $17.74 and is now sitting at $14.66 as of this writing according to Coinbase. JungleGoat.eth (@JungleGoat) May 1, 2022. OpenSea announced on Apr 30 that it will be accepting ApeCoin for secondary Otherdeeds . With the funding, Chris Lyons, general partner at a16z crypto, joined Yuga Labs board. Heres a breakdown of whats happening. In the past, Dutch Auctions have been widely used to avoid astronomical gas fees created by a large number of NFT collectors attempting to mint their new NFTs all at once. 4/30, 12pm ET. Thus several folks (myself included) feel the price will be lower (the leaked pitch deck stated 1 ETH "conservatively"). This continues until the whole collection is sold or the auction time ends. . And now Yuga Labs the company behind BAYC has started down the path to create their massive metaverse endeavor. Are you ready Ions? You can see a breakdown of who received what in the image below. Second, the Koda license is revocable. Bored Ape co-founder Garga.eth admitted the Otherdeed mint was a sour moment for the NFT community. According to Yuga Labs, this project will launch in April 2022. They are all real life friends from the . There are also five sediment types that each land is built upon. Yuga Labs didn't realize they were still doing a dutch auction, it was just via gwei and not price. Within the ecosystems made up by Otherdeeds, live Kodas. After all, Yuga Labs has made it very clear that Kodas will be central to the Otherside experience. Yet, as previously mentioned, the Otherdeeds drop did not go off without a hitch. BAYC's Otherside project spikes ETH burning On Sunday, Yuga Labs sold 55,000 pieces of virtual land NFTs named "Otherdeeds." These NFTs recorded increased demand, resulting in increased. Otherside-related transactions have consumed over 64,000 ETH in. Its a new project called Otherside. From the creators of Bored Ape Yacht Club. NFTevening reported that the scammers used three wallets linked together to carry out their schemes. This implies that OpenSea is essentially removing royalty fees on existing collections like Yuga's blue chip NFTs, BAYC, Cryptopunks, Meebits and MAYC. It could have (quite easily) been handled better. https://t.co/iRz64lklbv, OthersideMeta (@OthersideMeta) May 1, 2022. While some were able to get their transactions processed within a few hours for a couple hundred dollars in gas fees, others reported paying upwards of $4,000 for a single transaction. Specifically, players own the land in the world, NFTs can be transformed into playable characters, and more than 10,000 people will be able to play together simultaneously.Otherside will be its own metaverse that will offer an interoperable experience, meaning users will be able to move between metaverses. To begin with, a number of Otherdeeds were reserved for current members of the BAYC community. The team notes that the game will blend mechanics from MMORPGs and Web3-enabled virtual worlds. This obligation is related to the original sale being at much higher prices. But heres what the team has said so far: If that sounds really general and non-specific, its because it is. Just @GordonGoner spitting out facts. 168K subscribers in the opensea community. Unfortunately, the opposite happened since, technically, the Otherdeeds mint has been the largest NFT minting event in the industrys history. I assume I am an average user. Most notably 4 MAYC, 1 BAYC, & 30+ SandboxNFTThis lead to 0xa8 & 0x5d which have $5.1m worth of stolen NFTs! Yuga Labs has made almost $561 million from the Otherside's "Otherdeed" NFT sales in less than 24 hours. Yuga Labs hasnt announced everything about how the game will work. Otherside Litepaper Says Platform is a World-Building Platform That Provides an Exciting Environment to Play BAYC creators Yuga Labs via the Othersidemeta Twitter account released the BAYC and NFT-based metaverse litepaper on July 16, 2022. Its important to note that, at this point in the Bored Ape journey, Yuga Labs isnt the only entity piloting the ship. Of course, the debate around whether or not NFT collectors should be granted the rights to the IP of any tokens they collect is nothing new. Some have pointed out that fees didnt have to be that bad had Yuga Labs implemented a few backend optimizations. Only NFT investors with tens of thousands of dollars in liquid crypto were able to participate, and countless individuals lost upwards of 1-2 ETH due to failed transactions. If gas usage per purchase decreased 2x, the equilibrium gas price would have just been >12000 gwei instead of 6000.. The perpetrators lured people to fake Otherside webpages that required them to link their wallets. "Yuga Labs and Improbable are partnering to make Otherside where the impossible happens. Meaning that Animoca and Improbable are both joint creators and owners of Yuga Labs Bored Ape-centric Otherside. In the case of Otherdeeds, each is meant to be the key to claiming land in, , Otherdeed already has seen over $242 million in total secondary volume traded. Lost over half of my NFT portfolio in the last couple days trying to get Ape for this because they told us it would be achievable. As I said, 0 royalties is an aberration. Although it is understandable that the team wants to be the ones to profit off of their IP, these clauses feel contrary to the values of some in the wider Bored Ape community. 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