Just-In: Yuga Labs Cancels Otherside Auction, ApeCoin Rallies Past $26

Yuga Labs’ Otherside metaverse project has canceled the Dutch auction for Otherdeed NFTs. Now, the NFTs will be sold at a fixed price of 305 ApeCoins (APE) with a total of 55,000 Otherdeed NFTs available for KYC users to buy.

Previously, Yuga Labs planned to conduct a Dutch auction for land sale in the Otherside metaverse. However, the decision is now withdrawn as it fails to mediate demand and does not mediate gas wars. In a Dutch auction-style sale, the price is determined after taking in all bids to reach the highest price at which the total offering can be sold.

Yuga Labs Withdraws Dutch Auction For Otherside

The Otherside has announced in a tweet regarding the problem of gas wars increase with Dutch auction-style sales. Considering the Otherdeed NFT mint as one of the largest, high demand NFT mints, gas prices could rise significantly higher with a large number of NFTs to be minted.

Moreover, to ensure the widest distribution and reduce the massive gas war, there will be an enforced limit of 2 NFTs per wallet at the start of the sale. However, as minting continues, the number of NFTs that can be minted will increase with time.

Therefore, the cost to mint a BAYC’s new project Otherdeed NFT will be a flat price of 305 ApeCoin (APE). A total of 55k Otherdeeds will be available for purchase by KYC wallets. Users must complete the KYC in order to participate in the sale. Coincidently, the ”305” number was shown in the Otherside teaser video, which is also code for Miami.

The minting mechanics will be in the form of waves to prevent massive gas wars. After each wave, the number of NFTs that can be minted will double. The team expects the number of users will decrease with increasing waves.  Thus, it allows gas returns to reasonable levels after each wave.

Moreover, Otherside has delayed the actual sale event after the community asked for more time to set pre-approval for ApeCoin. The tweet reads:

“So starting at 9am ET on 4/30, users will be able to do this. The actual sale will not begin until 9pm ET, a full 12 hours later.”

ApeCoin (APE) Price Jumps Above $26

The prospect of the dutch auctions were expected to weigh on APE prices. As such, the token rallied on their cancellation.

The ApeCoin (APE) price has successfully jumped past the $25 level, as predicted in a previous article. The continued buying from whales and investors has pushed the price to a high of $26.91 in the last 24 hours. With the Otherside metaverse project in massive demand and ApeCoin being blocked for a year, the APE price is bound to rise higher toward ATH.