The land sale in ApeCoin (APE)’s highly anticipated virtual world Otherside Metaverse took place early last day and sold out within minutes. Yuga Labs behind the project has sold over $300 million in virtual real estate on ApeCoin’s upcoming Metaverse. Each plot cost 305 APE, roughly $6,000. Unfortunately, unexpected gas charges drew backlash. Here’s what happened…
What happened during the minting in the ApeCoin metaverse
We can say that the Bored Ape Yacht Club Otherside minting was pretty salty as the gas fees exceeded 5 thousand dollars per transaction. Some users claimed that the problem was not with the Ethereum network, but with Otherside’s contract causing failed transactions. Additionally, others have suggested that Yuga Labs could save users up to $80 million in transaction fees if they use the underlying gas optimizations on their NFT contracts, outlined in this Reddit thread.
In response to the surge in demand and the congestion of Ethereum’s blockchain, Yuga Labs announced on Twitter that ApeCoin should switch to its own chain to support the infrastructure. Overall, the Otherside NFT minting was one of the largest in history, with trading volume exceeding $150 million. Meanwhile, Etherscan also collapsed due to the intensity of demand.
As we’ve reported as Kriptokoin.com, Otherside describes itself as a gamified, interoperable Metaverse currently in development. Lucky folks who mint an Otherside NFT can get a deal over $15,000 if they put those NFTs up for sale on OpenSea, currently the largest NFT marketplace. So he could make almost $10,000 in profit.
What happened to the price of APE?
While many expected the price of ApeCoin to rise after the sell-off, APE has dropped over 18 percent and is currently trading at $15.45. The price drop is thought to be influenced by factors such as high gas fees and failed trades. After some unsuccessful transactions, Yuga Labs said, “It seems very clear that ApeCoin will need to migrate to its own chain in order to scale appropriately. “We want to encourage the DAO to start thinking in that direction,” he said.
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