Bored Ape Yacht Club Team Reveals Otherside NFT Price

Yuga Labs refused to conduct a Dutch auction on the Otherside NFT metaverse in favor of selling tokens at a fixed price. The developers also postponed the launch of the project to April 31.

Also, we’ve heard from the community that we should allot more time for users to set pre-approval for ApeCoin. 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.

— OthersideMeta (@OthersideMeta) April 29, 2022

“In fact, the Dutch auctions are bullshit, so Otherdeeds will be sold at a fixed price of 305 ApeCoin,” the developers wrote.

Amid the Yuga Labs announcement, ApeCoin (APE) hit an all-time high of $26.70, according to CoinGecko. At the time of writing, the asset is trading near $22 – at the current price, the cost of virtual land in Otherside exceeds $6,700 per plot.

Initially, it was assumed that the NFTs of the metaverse would be distributed as part of the Dutch auction.

Mint will be Dutch auction style, so the ApeCoin price will decline over time. The starting price of the Dutch auction will be announced later this week.

— OthersideMeta (@OthersideMeta) April 25, 2022

However, in the latest message, the developers noted that such a procedure is not effective enough.

“They are not successful mediators, do not nullify gas wars with highly anticipated mintings,” Yuga Labs specified.

The company stressed that this creates problems, since the launch of Otherside could be “one of the largest and most sought after” in the history of the NFT sector.

A total of 55,000 Otherdeeds will be sold. To purchase tokens, users need to go through the procedure KYC. The project team also introduced a limit on the number of tokens available for purchase – 2 NFTs per address.

The postponement of the sale was explained by the developers as a desire to provide users with the opportunity to set up pre-approval for transactions with APE in digital wallets.

Recall that in April 2022, an unknown hacked the Instagram account of the Bored Ape Yacht Club project for the purpose of stealing subscribers’ assets. According to PeckShield, approximately 765.3 ETH and 91 NFTs were mined by the hacker.