Yuga Labs Otherside Metaverse Project Ditches Dutch Auction for Otherdeeds NFT Sale

An Otherdeeds NFT will be sold for a flat price instead.
Image source: BAYC

Quick take: 

  • Otherdeeds NFTs will cost 305 ApeCoin to mint.
  • A total of 55,000 Otherdeeds will be available for purchase by KYC’d wallets.
  • Each wallet is limited to two NFTs at the start of the sale.

Yuga Labs will no longer mint its Otherside metaverse NFTs Dutch-auction style this weekend, according to a blog post. The metaverse project said “NFT “Dutch auctions” are actually bullshit. They do not successfully mediate demand, nor do they really negate gas wars in highly-anticipated mints.”

On Tuesday, Otherside announced on Twitter that the mint for Otherdeed NFTs will be Dutch-auction style, in which the asking price of the NFTs starts high and lowers in intervals until all units are sold. This would result in a bidding war or gas war where those who possess the most ApeCoins will be able to possess an Otherdeed NFTs.

Having taken the concerns of its community into consideration, Otherside decided to scrap its plan for a Dutch-auction style mint for Otherdeeds. It said that a Dutch auction “ is especially problematic when you consider that the Otherdeed mint may be one of the largest scale, high-demand NFT mints ever. All the usual problems with NFT gas wars would be exacerbated by the sheer number of NFTs to be minted, which could result in a gas war of historic proportions.”

Instead, Otherdeeds will be sold for a flat price of 305 ApeCoin ($6,900) each. Otherside has also allocated more time for users to set pre-approval for ApeCoin, starting at 9am ET on Apr 30. The pre-approval of KYC’d wallets which will allow the smart contract to use buyers’ ApeCoin to mint during the auction. 

The Otherdeeds sale will not start until 12 hours later at 9pm ET. A total of 55,000 Otherdeeds will be available for purchase by KYC’d wallets. To encourage a broad distribution of NFTs and soften the potential for a massive gas war, Otherside has enforced a limit of two NFTs per wallet at the start of the sale. 

Once the first wave of minting and the gas price start to calm, the wallet limit will be increased to allow the second wave of minting. Each increase will be announced on the Otherside official Twitter and Discord channels. 

Those who are happy with the number of Otherdeeds they have can sit out the second wave while those who have more ApeCoins can mint more. A total of four additional NFTs can be minted in wave two. The staggered minting and increase of wallet limits will continue until the NFT supply runs out.

While Otherside has yet to disclose what exactly Otherdeeds NFTs are, many in its community think the NFTs are individual land plots in the Otherside metaverse. If all NFTs are sold out, it would net $379.5 million for the Yuga Labs and Otherside teams. 

In anticipation of the Otherside mint starting tomorrow, ApeCoin has seen a market price increase of 10.28% in the last 24 hours.

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