Yuga Labs' Otherside NFT sold out
Otherside NFT sale, which started at 9 PM ET on Saturday, saw a massive race among NFT fans to grab the digital asset collection. The company's Twitter account says that the investors scooped up all the NFTs in a collection offering that accepted only BAYC's ApeCoin.Notably, the mint price of the NFTs was set to 305 ApeCoin, worth around $5,800 at the time of mint. The event brought around $317 million, making it a record-setting NFT mint. The buyers needed to pass a KYC verification and pre-approve their crypto wallets on the project's platform. They will be able to claim land in the new Otherside metaverse, a blockchain-based virtual environment being developed by BAYC-owner Yuga Labs.
Following today's mint, BAYC and MAYC holders will be able to claim free land for a period of 21 days. Over 27,000 people acquired the 55,000 Otherdeed NFTs that were available out of a total of 100,000. The remaining 45,000 will be distributed to current BAYC and MAYC NFT holders through an airdrop.
Gas War
According to data from the Etherscan block explorer, the Otherdeed mint caused gas fees on the Ethereum blockchain to jump to 8,000 GWEI. This led to a gas war, in which a large number of Ethereum users tried to buy NFTs at the same time and outbid each other using the transaction fees.Yuga Labs was criticized on Twitter by Ethereum developer Foobar for developing a smart contract that was not optimized for gas wars. According to Yuga Labs, the Otherside metaverse may be trying to transition away from Ethereum and toward its own Layer 1 blockchain to improve scalability.
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