ApeCoin has rallied over 10% amid a surge in purchases by investors and whales and the rising popularity of Yuga Labs’ metaverse project, the Otherside.
ApeCoin was trading at $22.86, a 13.39% increase after falling to $26.91 daily high.
ApeCoin, which is a cryptocurrency created by Yuga Labs and cancelled at the Otherside Auction, has seen its price rise today because of this.
Yuga Labs Cancels Otherside Auction
Yuga Labs Otherside has cancelled its Dutch auction for Otherside’s land sale. They failed to achieve a balance between the gas fee and the demand of NFTs. This decision was taken.
Prices are determined during Dutch auction-style sales after an analysis of all possibilities for the total offer reaching the highest price.
Otherside tweeted that the gas fee war has increased due to Dutch sales. There was also speculation that the high demand for Otherdeed (BAYC’s new project) NFT mint, would drive the gas fees even higher as the number of NFTs minted increases.
Dutch auctions are actually bullshit, so Otherdeeds will be sold for a flat price of 305 ApeCoin 🧵.
— OthersideMeta (@OthersideMeta) April 29, 2022
Lowering the gas fee for Otherdeed FFTs
The massive gas fee must be reduced. However, the large distribution of NFTs cannot be decreased. There will be a limit on the number of NFTs that can be mint per wallet. However, the rate will increase as the minting process goes on.
Each Otherdeed NFT will cost 305 ApeCoins (APE), and 55000 Otherdeed will become available for purchase through Know Your Customer (KYC). However, users will need to complete KYC in order to be eligible to buy the product.
The price of each NFT was also featured in the Otherside teaser video, the ‘’305’’ figure is also the code for Miami.