The “Otherside”, which is the metaverse of Bored Ape Yacht Clubwent live today, marking the beginning of another exciting journey for the already successful community.
“Your key to Otherside awaits you. The mint is live” Yuga labs, the developer community behind the Bored Ape yacht club announced at exactly 9:00 PM ET.
The mint was set at a flat fee of 305 Apecoin per NFT with 55,000 Otherdeeds allocated to entities whose wallets had been verified or KYCed. However, buyers would still have to pay the gas fees on ethereum. Yuga Labs had also placed a cap on the number of NFTs buyers could mint in a bid to avoid traffic-related issues.
“In order to ensure as wide a distribution as possible and drastically soften the potential for massive gas wars, there will be a mandatory limit of 2 NFT per wallet at the start of the sale,” Yuga had announced, adding that “as it continues the mint, the will increase the number of NFTs that can be minted per wallet.”
Despite attempts to control traffic, within minutes of the mint going live, Yuga Labs was forced to “turn off the lights on Ethereum for a while” due to network congestion leading to failed transactions.
“It seems abundant that ApeCoin will have to migrate to its own chain to scale properly,” Yuga tweeted two hours after the mint, promising to refund gas fees for affected users. At the time of writing, all Otherdeed NFTs allocated to KYC users have been sold, opening a 21-day claim period for Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFT owners.
Dubbed as “the largest NFT mint in history by several multiples” so that Etherscan crashed, the recent mint saw Yuga generate over $100 million in the first forty-five minutes and that number topped $300 million less than three hours later.
Since most investors have missed out on the now expensive BAYC mints and MAYC NFTs, collectors consider BAYC parcels to be an excellent investment, as the saying goes “the grass is greener on the other side”, which Which perhaps explains today’s record mint.
That said, despite the BAYC metaverse being launched, Apecoin, the native currency of ApeDao, has lost more than 37% in the last four daysa trend that seems to have worsened today with the coin falling below $17.