Sunday, September 24, 2023
  • Tech
    • All
    • AI
    • AR/VR
    • Social Networks
    LimeWire's Remarkable Transformation – Acquiring BlueWillow, a Midjourney Competitor

    LimeWire’s Remarkable Transformation – Acquiring BlueWillow, a Midjourney Competitor

    Intel Innovation 2023 - Intel positions itself at the forefront of AI

    Intel Innovation 2023 – Intel positions itself at the forefront of AI

    Alexa gets a makeover to look more like ChatGPT

    Alexa gets a makeover to look more like ChatGPT

    Google Launches Most Powerful Bard AI Model To Date

    Google Launches Most Powerful Bard AI Model To Date

    Jack Daniel’s Tennessee Honey Presents: The Verse - a Virtual Reality Experience

    Jack Daniel’s Tennessee Honey Presents: The Verse – a Virtual Reality Experience

    Pebble: Revolutionizing Social Media with AI-Generated Posts

    Pebble: Revolutionizing Social Media with AI-Generated Posts

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Web3
    • All
    • Crypto
    • Metaverse
    • NFTs
    • Web3 Gaming
    Ibiza NXT 2023 - Heading toward a purpose-driven Web3 innovation journey

    Ibiza NXT 2023 – Heading toward a purpose-driven Web3 innovation journey (FREE Entrance Event)

    Gucci’s Milan Fashion Week Show “Gucci Ancora” Debuts inside the Metaverse

    Gucci’s Milan Fashion Week Show “Gucci Ancora” Debuts inside the Metaverse

    Bitcoin's Price Could Repeat History, According to Rekt Capital - What Does This Mean for BTC?

    Bitcoin Price Could Repeat History, According to Rekt Capital – What Does This Mean for BTC?

    Robbie Williams Enters the Virtual World: Debuting in LightCycle Metaverse

    Robbie Williams Enters the Virtual World: Debuting in LightCycle Metaverse

    Walmart to revolutionize retail through the Metaverse

    Walmart to revolutionize retail through the Metaverse

    WhiteBIT at TOKEN2049: How a Crypto Exchange from Ukraine Declared Itself at One of the Main Crypto Events in Asia

    WhiteBIT at TOKEN2049: How a Crypto Exchange from Ukraine Declared Itself at One of the Main Crypto Events in Asia

  • Review
    SimpleSwap Review 2023: An Easy Instant Crypto Exchange

    SimpleSwap Review 2023: An Easy Instant Crypto Exchange

    Metaverse Made Simple - The Ultimate Guide to Understanding the Metaverse

    Metaverse Made Simple – The Ultimate Guide to Understanding the Metaverse

    Zengo Review 2023 - The first Crypto Wallet without Private Key

    Zengo Review 2023 – The first Crypto Wallet without Private Key

    AdCreative.ai 2023 Review: Is it worth using?

    AdCreative.ai 2023 Review: Is it worth using?

    New Samsung Odyssey NEO G9 Gaming Monitor: Elevating Gaming Experience

    New Samsung Odyssey NEO G9 Gaming Monitor: Elevating Gaming Experience

    Parimatch Mobile App: Bet, Play, and Win on the Go

    Parimatch Mobile App: Bet, Play, and Win on the Go

  • Gaming
AUTOMATE TRADING
BUY BITCOIN
GEEK STORE
No Result
View All Result
Geek Metaverse News
Advertisement
  • Tech
    • All
    • AI
    • AR/VR
    • Social Networks
    LimeWire's Remarkable Transformation – Acquiring BlueWillow, a Midjourney Competitor

    LimeWire’s Remarkable Transformation – Acquiring BlueWillow, a Midjourney Competitor

    Intel Innovation 2023 - Intel positions itself at the forefront of AI

    Intel Innovation 2023 – Intel positions itself at the forefront of AI

    Alexa gets a makeover to look more like ChatGPT

    Alexa gets a makeover to look more like ChatGPT

    Google Launches Most Powerful Bard AI Model To Date

    Google Launches Most Powerful Bard AI Model To Date

    Jack Daniel’s Tennessee Honey Presents: The Verse - a Virtual Reality Experience

    Jack Daniel’s Tennessee Honey Presents: The Verse – a Virtual Reality Experience

    Pebble: Revolutionizing Social Media with AI-Generated Posts

    Pebble: Revolutionizing Social Media with AI-Generated Posts

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Web3
    • All
    • Crypto
    • Metaverse
    • NFTs
    • Web3 Gaming
    Ibiza NXT 2023 - Heading toward a purpose-driven Web3 innovation journey

    Ibiza NXT 2023 – Heading toward a purpose-driven Web3 innovation journey (FREE Entrance Event)

    Gucci’s Milan Fashion Week Show “Gucci Ancora” Debuts inside the Metaverse

    Gucci’s Milan Fashion Week Show “Gucci Ancora” Debuts inside the Metaverse

    Bitcoin's Price Could Repeat History, According to Rekt Capital - What Does This Mean for BTC?

    Bitcoin Price Could Repeat History, According to Rekt Capital – What Does This Mean for BTC?

    Robbie Williams Enters the Virtual World: Debuting in LightCycle Metaverse

    Robbie Williams Enters the Virtual World: Debuting in LightCycle Metaverse

    Walmart to revolutionize retail through the Metaverse

    Walmart to revolutionize retail through the Metaverse

    WhiteBIT at TOKEN2049: How a Crypto Exchange from Ukraine Declared Itself at One of the Main Crypto Events in Asia

    WhiteBIT at TOKEN2049: How a Crypto Exchange from Ukraine Declared Itself at One of the Main Crypto Events in Asia

  • Review
    SimpleSwap Review 2023: An Easy Instant Crypto Exchange

    SimpleSwap Review 2023: An Easy Instant Crypto Exchange

    Metaverse Made Simple - The Ultimate Guide to Understanding the Metaverse

    Metaverse Made Simple – The Ultimate Guide to Understanding the Metaverse

    Zengo Review 2023 - The first Crypto Wallet without Private Key

    Zengo Review 2023 – The first Crypto Wallet without Private Key

    AdCreative.ai 2023 Review: Is it worth using?

    AdCreative.ai 2023 Review: Is it worth using?

    New Samsung Odyssey NEO G9 Gaming Monitor: Elevating Gaming Experience

    New Samsung Odyssey NEO G9 Gaming Monitor: Elevating Gaming Experience

    Parimatch Mobile App: Bet, Play, and Win on the Go

    Parimatch Mobile App: Bet, Play, and Win on the Go

  • Gaming
No Result
View All Result
Geek Metaverse News
No Result
View All Result
Home NFTs

BAYC’s Otherdeeds Mint drives up Ethereum gas price and sends Etherscan tumbling

by javier gil
01/05/2022
in NFTs
0
bayc-otherdeeds-mint-drives-up-ethereum-gas-price-and-sends-etherscan-tumbling
ShareShare ShareShareShareShareShareShare

Remember when BAYC said there would be no Dutch auction on the Otherdeeds land sale? According to the team, the intention was to avoid gas wars during mintage. Apparently, quite the opposite happened when the minting took place at 9 pm ET on April 30.

When the first wave of the sale began, the price of Ethereum gas shot through the roof almost instantly. Guess what? Many fans reported that they had to pay at least 2.26 ETH (about $6,200 at the time) in gas fees just to mint 2 parcels of Otherdeeds. That’s almost equivalent to the price of a parcel of land valued at $6,621 two days ago.

BAYC fans went crazy after paying high Ethereum gas fees to mint NFTs of Otherdeeds land

One thing for sure is that the Otherdeeds land sale was a huge success for BAYC. According to Watcher Guru, BAYC managed to pocket $245 million in revenue from the high-profile sale 2 hours after the launch. This is already more than half of the projected $455 million in revenue on the leaked launch pad if the two rounds of land sales were to go through this year.

Despite the fact that fans had to shell out a hefty gas fee for the mintage, many of them were simply grateful that the mintage was a success. “The 2.7 ETH of gas was the least painful transaction I’ve ever made,” said @Gruossome, one of the fans who successfully minted 2 Otherdeed parcels in the first wave of the sale.

In fact, owners have already listed their Otherdeeds for sale on OpenSea. Currently, the collection is trading at a minimum price of 7.89 ETH (about $21,900 per parcel). Given the above scenario, landowners could make a 125% profit in dollar value. Not a bad deal, even if you have to pay such a high gas fee, right?

What can we do to avoid high gas fees on future Ethereum NFT mintages?

Considering the high gas fees during Otherdeeds’ NFT minting, NFT Worlds co-founder @iamarkdev gave some suggestions. One of them is that Yuga Labs developers could have avoided using ERC721Enumerable in the smart contract. According to him, this would significantly reduce gas usage by 60% to 70% per transaction.

In addition, @iamarkdev also proposed using the ERC721A contract to help reduce gas rates. This is because, in an ERC721A contract, multiple NFTs can be minted for the same cost as minting a single NFT.

Yuga Labs’ metaverse project drops out of Dutch auction for Otherdeeds’ NFT sale.

What were Yuga Labs’ comments on high gas rates?

Of course, Yuga Labs acknowledged that the team did not expect such overwhelming demand for Otherdeeds NFT until they saw gas rates skyrocket. In fact, there were times when Etherscan crashed due to the sheer scale of the mint.

We wanted to say a few words about the mint tonight. 🧵

— Yuga Labs (@yugalabs) May 1, 2022

In fact, the team commented that ApeCoin may need to migrate to its own blockchain, in order to scale properly. Furthermore, the team would “like to encourage” the DAO to consider this proposal.

Finally, the team is also aware that some users encountered failed transactions during minting. If you were one of those affected, you can contact Yuga Labs for a refund of your gas charges.

Yuga Labs will no longer mint its Otherside metaverse NFTs in Dutch auction style this weekend, according to a post on its blog. The metaverse project said “NFT “Dutch auctions” are actually bullshit. They fail to mediate demand, nor do they really negate the highly anticipated mint gas wars.”

Apes, wallet pre-approval is open now.👇 Remember, you don’t need to pre-approve (or KYC) to claim with your BAYC or MAYC NFT — only if you’re KYC’d and planning to mint additional Otherdeeds. https://t.co/ttlgMc9u9f

— Bored Ape Yacht Club (@BoredApeYC) April 30, 2022

On Tuesday, Otherside announced on Twitter that the minting of Otherdeed NFTs will be in the style of Dutch auctions, where the selling price of NFTs starts high and goes down in intervals until all units are sold. This would result in a bidding or gas war in which those who own the most ApeCoins will be able to own an Otherdeed NFT.

Having taken into account the concerns of his community, Otherside decided to scrap his plan for a Dutch auction for the Otherdeeds mintage. He said a Dutch auction “is especially problematic considering that the Otherdeed mint may be one of the largest scale, high-demand NFT mints in history. All the usual problems of NFT gas wars would be exacerbated by the large number of NFTs that would be minted, which could result in a gas war of historic proportions.”

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

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

Once the first wave of minting and gas prices begin to calm down, the purse limit will be increased to allow for the second wave of minting. Each increase will be announced on Otherside’s official Twitter and Discord channels.

Those who are happy with the number of Othersdeeds they have can stay out of the second wave, while those with more ApeCoins can mint more. A total of four additional NFTs can be minted in the second wave. The staggered minting and increased purse limits will continue until the supply of NFTs is exhausted.

Although Otherside has not yet revealed what exactly Otherdeeds NFTs are, many members of its community believe that NFTs are individual plots in the Otherside metaverse. If all NFTs are exhausted, the Yuga Labs and Otherside teams would raise $379.5 million.

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

For those who do not know what a Dutch auction is, it is a type of auction in which the auctioneer starts auctioning with a high price, which is lowered until some participant is willing to accept the auctioneer’s price, or until the reserve price is reached, which is the minimum price accepted for that sale.

Recent Posts

  • Ibiza NXT 2023 – Heading toward a purpose-driven Web3 innovation journey (FREE Entrance Event)
  • Gucci’s Milan Fashion Week Show “Gucci Ancora” Debuts inside the Metaverse
  • LimeWire’s Remarkable Transformation – Acquiring BlueWillow, a Midjourney Competitor
  • Bitcoin Price Could Repeat History, According to Rekt Capital – What Does This Mean for BTC?
  • Robbie Williams Enters the Virtual World: Debuting in LightCycle Metaverse
  • Intel Innovation 2023 – Intel positions itself at the forefront of AI
Tags: apecoinBAYCdutch auctionmintmintingnftnftsOtherdeedsothersideotherside metaversesaleyuga labs

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe

javier gil

ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Advertising Advertising Advertising
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
  • Trending
  • Comments
  • Latest
jack-dorsey-unveils-bluesky-social-the-decentralized-twitter

Jack Dorsey unveils Bluesky Social, the Decentralized Twitter

06/03/2023
Epic Games launches Verse, the Metaverse programming language

Epic Games launches Verse, the Metaverse programming language

04/09/2023
the-best-web3-conferences-to-attend-in-2023

The Best Web3 Conferences to attend in 2023

20/09/2023
chatgpt-how-can-ai-help-bitcoin-and-cryptocurrency-users

ChatGPT: How can AI help Bitcoin and Cryptocurrency users?

06/05/2023

Donation Box

0
owo-game-creates-jacket-to-enhance-sensations-within-the-metaverse

OWO Game creates jacket to enhance sensations within the Metaverse

0
megane-x-panasonic-contribution-to-the-metaverse

Megane X: Panasonic’s contribution to the Metaverse

0
meta-to-launch-3d-advertising-on-its-social-networks-and-in-the-metaverse

Meta to launch 3D advertising on its Social Networks and in the Metaverse

0
Ibiza NXT 2023 - Heading toward a purpose-driven Web3 innovation journey

Ibiza NXT 2023 – Heading toward a purpose-driven Web3 innovation journey (FREE Entrance Event)

24/09/2023
Gucci’s Milan Fashion Week Show “Gucci Ancora” Debuts inside the Metaverse

Gucci’s Milan Fashion Week Show “Gucci Ancora” Debuts inside the Metaverse

23/09/2023
LimeWire's Remarkable Transformation – Acquiring BlueWillow, a Midjourney Competitor

LimeWire’s Remarkable Transformation – Acquiring BlueWillow, a Midjourney Competitor

22/09/2023
Bitcoin's Price Could Repeat History, According to Rekt Capital - What Does This Mean for BTC?

Bitcoin Price Could Repeat History, According to Rekt Capital – What Does This Mean for BTC?

23/09/2023

Recent News

Ibiza NXT 2023 - Heading toward a purpose-driven Web3 innovation journey

Ibiza NXT 2023 – Heading toward a purpose-driven Web3 innovation journey (FREE Entrance Event)

24/09/2023
Gucci’s Milan Fashion Week Show “Gucci Ancora” Debuts inside the Metaverse

Gucci’s Milan Fashion Week Show “Gucci Ancora” Debuts inside the Metaverse

23/09/2023
LimeWire's Remarkable Transformation – Acquiring BlueWillow, a Midjourney Competitor

LimeWire’s Remarkable Transformation – Acquiring BlueWillow, a Midjourney Competitor

22/09/2023
Bitcoin's Price Could Repeat History, According to Rekt Capital - What Does This Mean for BTC?

Bitcoin Price Could Repeat History, According to Rekt Capital – What Does This Mean for BTC?

23/09/2023

Geek Metaverse

Geek Metaverse News

Geek Metaverse

Email: info@geekmetaverse.com

Tech, Gaming, Crypto, Metaverse, NFT, AI and Reviews news

Follow Us

Browse by Category

  • AI
  • AR/VR
  • Crypto
  • Gaming
  • Metaverse
  • News
  • NFTs
  • NFTs
  • Review
  • Social Networks
  • Tech
  • Web3
  • Web3 Gaming

Recent News

Ibiza NXT 2023 - Heading toward a purpose-driven Web3 innovation journey

Ibiza NXT 2023 – Heading toward a purpose-driven Web3 innovation journey (FREE Entrance Event)

24/09/2023
Gucci’s Milan Fashion Week Show “Gucci Ancora” Debuts inside the Metaverse

Gucci’s Milan Fashion Week Show “Gucci Ancora” Debuts inside the Metaverse

23/09/2023
  • Advertise
  • Privacy & Policy
  • Contact

Geek Metaverse

No Result
View All Result

Geek Metaverse

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version