On Saturday, blue-chip startup Yuga Labs inaugurated a mint for its Boring Ape Yacht Club (BAYC) Otherside Metaverse land, dubbed “Otherside.”
Otherside is considered the largest expansion in the BAYC space the industry has seen to date. Specifically, Otherside is an MMORPG, or Massively Multiplayer Online Role Playing Game, connected to the BAYC ecosystem.
Its Saturday Mint includes 55,000 blocks of Otherside land, called “Otherdeeds,” that can be purchased on the blockchain. After the mint opened, Otherdeeds sold for between $6,000 and $7,300. The only way for users to access the Mint is through ApeCoin, the primary settlement token for all Yuga Labs products and services.
It also acts as a governance token for the ApeCoin DAO ecosystem, allowing APE holders to vote on proposals made by community members. Within 45 minutes of Otherside’s launch, BAYC had sold over $100,000 worth of digital real estate for a total of $320 million.
ApeCoin price surges ahead of sale
After launching on March 17, ApeCoin was first sold at $5, up more than 200% in 24 hours to $16.47. As of April 28, its ATH has reached $26.70.
Originally, Otherside intended to sell its Otherdeeds through a Dutch auction, but instead limited the number of NFTs that could be held in a single wallet.
The Spectacular Crash of ApeCoin
ApeCoin fell from $24.86 to $16.73 following Saturday’s Otherside sale, according to data from Coingecko.
The crash seems counterintuitive, as the ApeCoin being sold is locked, reducing the number of coins in circulation.
One of the reasons could be the congestion created on the Ethereum blockchain by minting Otherdeed NFTs, causing some failed transactions and services (like Uniswap) to be slowed down. However, ApeCoin hopes to alleviate this situation by refunding gas fees for failed transactions and creating the ApeCoin blockchain.
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