The floor for the Chaos Land is at a staggering 90 ETH, which is over 20x the floor of the current collection.
No doubt artifacts are rare. We aren’t sure what each one does yet, but these seem to be fairly scarce. 74 different artifacts exist, with the most frequent artifact, the Ancient Coin, only appearing in 964 different NFTs. We definitely see a jump in floor price when we head to the artifacts with < 130 supply.
Something interesting to note is that these objects are scattered throughout the lands of Otherside, but only some cannot be crafted by other means.
Ts could be minted only in APE, it also required ETH for gas fees. The minting mechanics set by Yuga Labs intended the sale of NFTs in phases keeping note of the gas price. However, that didnt go smoothly as anticipated.
Chaos soon descended where Ethereum users tried to buy NFTs at the same time and outbid each other by using the network’s transaction fees.
That caused the fees on the blockchain to spike to unprecedented levels, in addition to users experiencing failed transactions due to blockchain bottlenecks.
High mint fees caused many to complain they were unable to make purchases.
Ethereum’s high gas fees act as spoiler
Yuga Labs then took to Twitter saying that the Otherside metaverse may be looking to migrate away from Ethereum to its own Layer 1 blockchain to improve scalability.
“We’re sorry for turning off the lights on Ethereum for a while.
《Bored Ape Yacht Club》背後創作團隊 Yuga Labs 在 4 月 30 日當天正式發售其全新虛擬土地 NFT 項目《Otherdeed for Otherside》，項目在 24 小時內便售罄，籌集了價值 $3.2 億美元的加密貨幣。
《Otherdeed for Otherside》採取荷蘭式拍賣發售共成交了 55,000 筆，購買必須透過 Ethereum 並由 ApeCoin 支付。在剛開始發售時因大批買家同時湧進購買，使鑄造 Gas Fee（礦工費）飆升，買家需要另外支付大約 $5,800 美元才能購買。報導稱《Otherdeed for Otherside》在售罄時的 Gas Fee 總額為 $1.23 億美元，此外由於這次的大批湧入導致 Ethereum 系統出現故障，一些用戶雖然花費了上千美元的 Gas Fee 但卻無法成功購買該 NFT。
Yuga Labs 在項目完售後表示：「我們了解由於難以置信的需求導致這次狀況的發生，使得一些用戶交易失敗。對於那些受影響的人，我們感謝你願意與我們一同前進。我們已經得到你的支持，並將退還你說支付的 Gas Fee。」有興趣的讀者不妨多加留意相關消息。
We are aware that some users had failed transactions due to the incredible demand being forced through Ethereum’s bottleneck.
A great, and possibly first, way to introduce multiple different projects into the same ecosystem! As many have converted their Twitter/Discord identity into their profile-picture NFT, I’m excited to see what happens.
What about the next 100k Lands?
This weekend, 100k lands were released, but Yuga is set to release an additional 100k lands sometime in August. The exact drop details haven’t been released, but Yuga has hinted that “the drop will be exclusively rewarded to users who hold Otherdeeds and contribute to the development of Otherside.”
This suggests that holding Otherdeeds could be more valuable since it would allow you to expand and gather more land in the future. Those who aren’t already in the ecosystem can be eligible by contributing to the ecosystem through the SDK (which they stated doesn’t require coding or technical experience).
- Yuga Labs plans to move off Ethereum after its Otherside minting debacle this weekend
- The sale of the Otherdeed NFTs was in such demand that Ethereum crashed
- Gas fees hit astronomical levels as users battled to secure their Otherside plots
Yuga Labs, the creators of the Bored Ape franchise, is planning to migrate to its own blockchain after demand for land in its Otherside metaverse crashed the Ethereum network over the weekend. The Otherside NFT land sale, which proved to be the largest NFT mint to date by some distance, saw gas prices surge to insane levels and Ethereum network congestion made it basically unusable by all other apps on the network.
We’d like to encourage the DAO [decentralized autonomous organization] to start thinking in this direction.” The ApeCoin DAO, the entity responsible for making decisions within the ApeCoin community, exists separately from Yuga Labs. The DAO’s decisions are carried out by the Ape Foundation’s Board, consisting of Reddit co-founder Alexis Ohanian, Animoca co-founder Yat Siu, and others.
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.
We’d like to encourage the DAO to start thinking in this direction.
— Yuga Labs (@yugalabs) May 1, 2022
The disruption slowed transactions on Ethereum-linked services, like Uniswap, and caused the Ethereum transaction tracker, Etherscan, to crash.
Such a let down not getting to mint my 2 land plots… transaction sat for 2.5 hours straight and canceled… wasnt expecting 7000$ in gas.. and @coinbase really let me down as well, couldnt transfer more eth due to network outages for most centralized exchanges…
According to the team at Wu Blockchain, ‘some buyers lost their deals in this gas war, and Yuga Labs said at the end of the current round of sales that it would refund the gas fees to users who lost their deals.’ By the end of the mint, roughly 64k Ethereum worth $176 million had been spent on transaction fees.
Yuga Labs had attempted to mitigate a gas war by stating on April 29th that they would not use the traditional Dutch auction for the event but rather sell each plot of land at 305 Apecoin. It also announced plans to pre-approve sales 12 hours in advance and issue an NFT limit of two per wallet.
They hold ids 0 to 9999 and are closest to the central Clubhouse.
Along with each land comes a few various attributes. Specifically, we see:
- Land Name / Sediment
- The rarity of the land tiered 1-5 (5 is best)
- An artifact if your land has one
- The token id of a Koda if your land has one
- NSWE resources with rarity tiers 1-3
The team has mentioned that these are dynamic NFTs. The attributes of the land could change over time as we play the game and progress throughout the metaverse.
Nothing has yet been revealed about what the type of resources are best, what land environments do, or the effect of each artifact, but people have been speculating and buying NFTs that they presume to be “rare”.
DAO to start thinking in this direction.— Yuga Labs (@yugalabs) May 1, 2022
Unfortunately, the opposite happened since, technically, the Otherdeeds mint has been the largest NFT minting event in the industry’s history.
In the crypto world, gas refers to a transaction fee on the Ethereum blockchain. Developers have to pay this fee in the native crypto — in this case, ETH — to the network to use the system. While Otherdeed NFT holders paid for their virtual land in ApeCoin, gas fees still had to be paid in ether.
Because of the high demand for Otherdeed sales, a couple of events led to the Ethereum crash:
- Gas prices surged to the upper $5,000 range, CoinTelegraph reported, with a Reddit user noting fees that reached as high as $14,000.
- Over $200 million worth of ETH was lost to gas fees due to failed transactions.
Let’s go over some of these speculations.
Close to the Clubhouse
Before the rarity of each Otherdeed was even revealed, people were spending 200-300 ETH on plots closest to the central clubhouse. Specifically, plot #9 sold for exactly 300 ETH. The rumor was lower serial numbers would be closer, and these serial numbers were handled sequentially to those who minted first.
Ultimately this was confirmed to be next to the clubhouse, but we still do not know what benefit this has.
Each NFT comes with an environment type, which is separate from the sediment type. There are 29 different environments and most range between 3000-6000 NFTs with the same type.
For 28 of these environments, there isn’t much distinction between the floor type between them.
However, there is one type, Chaos, which is only present in 107 of the 100,000 NFTs.