BAYC Otherside Metaverse NFT sale breaks the Ethereum blockchain

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On Saturday 30th April, Yuga Labs, the creator behind BAYC dropped Otherside NFTs for pre-verified KYC wallets. Starting from May 1st, BAYC and MAYC holders can claim their free Otherdeed NFTs by just paying gas fees, this claim period will last for 21 days. Holders of BAYC and MAYC do not need to verify their wallets via KYC, but they need to do so at the auction sale.

Till now, the NFTs have raised around $500 million. The company also tweeted “This has been the largest NFT mint in history by several multiples, and yet the gas used during the mint shows that demand far exceeded anyone’s wildest expectations. The scale of this mint was so large that Etherscan crashed.”

What is OtherSide Metaverse?

OtherSide metaverse is an MMORPG (Massively multiplayer online role-playing game) which features many blue-chip NFTs such as Cool Cats and CrytpoPunks, among others. Otherside contains 200,000 unique plots of land that can be claimed with Otherdeed NFTs.

It is widely accepted that the metaverse world will comprise virtual plots of land that include unique artifacts, natural resources, and rare characters. Interestingly, alien “Koda” entities are randomly scattered across various NFTs. 

How did the sale go?

On the mint day, Yuga Labs made $300 million after 55,000 NFTs sold out almost instantaneously, with each piece of land selling for 305 ApeCoin (APE), or roughly $5,800 at the time of the sale. While Otherdeed NFTs were exclusively available in APE, they did require Ether (ETH) for gas fees. The token also experienced a record-breaking rise ahead of the Otherdeed sale. Furthermore, the amount of ApeCoin earned from this sale will be locked up for one year.

The demand for Otherdeed NFTs was so huge that gas prices reached as high as 5 ETH. The high demand not only resulted in gas wars but also failed transactions. 

Yuga Labs tweeted about the minting issues as follows : 

“We’re sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale.”

Users, on the other hand, are unsatisfied with the process because they missed out on minting Otherdeed NFTs and had to buy ApeCoin at a much higher price than it is currently. Many critics including solidity developers think that the team could have reduced the costs of gas fees by 80% by just switching to ERC721A in the smart contract.

Conversely, Vitalik Buterin said in a tweet that changing the smart contract would have been ineffective.

Otherdeed NFTs reveal :

The Otherdeed land NFTs reveal finally happened on May 1st. Each NFT is classified according to its resource, artifact, and whether or not it contains the alien creature Koda. 

Buyers can also see their land location on the Otherside metaverse via the land number :

1. Find a number on the map that is close to your number

2. Click on it

3. Use arrow keys to go one number up (right arrow) or go one down (left arrow)

At the time of writing, Otherdeed NFTs are trading at a floor price of 4.1 ETH on OpenSea.