Image source: otherside.xyz
The Otherside Metaverse land auction launched by ApeCoin was very hot. The first batch of 40,000 pieces of land was sold out within minutes, and virtual land worth more than 200 million U.S. dollars was sold in the auction last Saturday. The cost per plot is 305 APE, which is roughly $5,000. Unfortunately, due to the high on-chain activity of users during the land sale, some users encountered gas fees exceeding $5,000! Those who were lucky enough to mint the Otherside land then sold it on OpenSea, with the lowest priced piece of land sold for $15,000, making an easy $10,000 profit.
Image source: OpenSea
If you are still optimistic about ApeCoin’s metaverse land, you can visit OpenSea’s official collection Otherdeed for Otherside, where 30,600 holders currently sell 92,000 NFTs (including 40,000 pieces of ApeCoin metaverse land and rare NFTs) , the floor price is 5.55 ETH (about 15,500 USD).
This global bidding has put unprecedented pressure on the Ethereum public chain. Due to the transaction fee rules of the Ethereum public chain, the transaction with the highest price will be prioritized. Gas fees soared to an all-time high of over $5,000 per transaction within minutes.
Some users on the Reddit platform claimed that the Ethereum public chain was not the culprit, but that the problem was with the Otherside contract, which caused the transaction to fail:
In order to cope with extreme demand and improve transaction smoothness, founder Yuga Labs announced on Twitter that ApeCoin needs to be migrated to its own second-tier public chain to support the project's infrastructure.
Like the previous Axie Infinity project, it built its own public chain Ronin to meet user and transaction needs without putting too much pressure on the layer 1 blockchains, because these layer 1 blockchains are not designed to handle NFT Built for high-transaction and high-throughput activities such as coin minting, it cannot satisfy metaverse and encrypted games
The Otherside metaverse describes itself as a gamified, interoperable metaverse currently in development. It will feature a user-powered MMORPG Web3 (decentralized web with extended reality and financial features) style experience. BAYC and MAYC's NFT will feature playable characters, allowing tens of thousands of players to be online at the same time.
Otherside's unique features include the ability to accommodate more than 100,000 players interacting on the same map at the same time, using natural voice chat to make it easier for you to feel each other intuitively, advanced physical environments that support complex and interactive entities, and the use of artificial intelligence.
In addition, the developers and creators of Otherside are building unique clothing, tools, and building structures that users can buy, use, and trade in the Metaverse.
Otherdeed is the key to gaining land in the Otherside metaverse. Each land has a unique setting and special items - some hold resources, others have artifacts of great power. In some rare lands, there exists a creature called Koda, and the land can be used for own use, rented out or traded.
See below for an example of a few properties and statistics for the Otherside NFT:
Image source: otherside.xyz
Currently, Otherdeeds can only be purchased from the official OthersideMeta collection on the OpenSea platform.
If you haven't already, check out Otherside's official website, which includes an awesome trailer for the upcoming Metaverse, showing off the fantastic design behind the project.
While many users expected the price of ApeCoin to rise after the auction, the APE price instead fell 18% from its peak and is currently trading at $16.43.
Image source: CoinMarketCap
The drop in price is likely due to the numerous issues users encountered during the sale, such as high gas fees and unsuccessful transactions. After all, it hurts to spend hundreds or even thousands of dollars in gas fees and the transaction failed in the end. The founder Yuga Labs tweeted to express his apologies to all lost users, and returned the gas fee to every address whose gas fee was deducted but the transaction failed.
Another point of view is that the price of ApeCoin is likely to recover in the next week, because ApeCoin is clearly working and expanding its utility.
In addition, the huge demand for the Otherside land auction shows the community support behind the project. It has to be admitted that the capital power of BAYC community members exceeds all other metaverse communities in the market.