Category: NFT Project

Blur’s NFT Market Domination

Posted on by Tiffany Behnam

Blur.io has taken the NFT marketplace by storm since its launch in October 2022. The platform has quickly become the largest trading platform for NFTs by volume, with a user-friendly interface that caters more to professional NFT traders than retail users.

Unlike other marketplaces, Blur offers batch shelf and floor-sweeping transactions in addition to order book NFT transactions, allowing traders to make batch operations more conveniently (buying NFTs with the lowest price at once). Buyers can not only browse NFTs on Blur but also on other NFT marketplaces and place orders directly through Blur with instant liquidity.

In terms of fees, Blur has a very trader-friendly fee structure and does not charge any transaction fees for users on the platform. In terms of royalties, which are mandatory for a certain percentage of secondary transactions on other marketplaces, Blur recommends a default royalty rate of 0.5% for buyers. However, this can be customized and even set to 0 if the user wishes. Overall, Blur.io offers a more convenient and cost-effective platform for professional NFT traders.

Blur was founded by PacmanBlur, an MIT-graduate and member of the Peter Thiel Fellowship. The product was built in conjunction with support from leading venture capitalists, such as Paradigm. The platform recently completed its $BLUR token airdrop after Season 1 of the incentivization program finished. Users were rewarded ‘Care Packages’ for providing liquidity and trading on the platform, which were available to be opened on the 14th of February. Some traders earned up to $3 million in $BLUR tokens and the project launched at an eye-watering $400 million valuation.

Blur has minted 3 billion BLUR tokens, which will be made accessible over 4 to 5 years. The token allocation is divided into 51% for the community, 29% for past and future core contributors, 19% for investors, and 1% for advisors. A community treasury of 360m BLUR tokens, equivalent to 12% of the total token supply, can be claimed by NFT traders, historical users of Blur, and creators.

The community treasury will distribute 39% of the BLUR supply through contributor grants, community initiatives, and incentive programs, with 10% allocated to the next incentive release. The vesting of BLUR tokens will occur continuously according to a set schedule for each group of token recipients.

Blur has grown to become the largest NFT Marketplace in the world with the help of their incentives program. It has successfully flipped OpenSea within 6 months of release due to its user-friendly UI, low fees, and deeper liquidity for NFTs. The platform boasts impressive stats with over 400,000 active users and $1.4 billion in traded volume according to Dune Analytics.

The Blur platform runs ten times faster than other NFT aggregators, displays the pending transactions on the NFT in less than one second, and updates the list every four seconds. The fast display of pending transactions, together with the nearly real-time metadata update on the collection art display, constitutes a huge advantage for users who want to quickly come in and out. In addition, Blur’s gas priority preset can help traders to outperform the competitors who purchase NFT through other exchanges or aggregators. Most importantly, the contract in Blur is more optimized than that in other markets, saving up to 17% on gas fees.

Another popular feature of Blur is that it can clearly show the rarity of different NFTs and the floor price under specific attributes. Rather than using sales history or a series list to evaluate NFTs that are priced higher than the floor price, Blur’s platform instead searches for the lowest priced NFTs based on their individual characteristics. This function can greatly simplify the process of finding undervalued NFTs, and thus it has become one of the main reasons why collectors and investors are drawn to Blur.

Additionally, the Blur team has also put a lot of effort into improving the user experience of their platform. The website is user-friendly, visually appealing, and easy to navigate, which makes it accessible to even those who are new to the world of NFTs. The team has also made sure that the platform is secure, reliable, and can handle a high volume of transactions without any technical glitches or issues. This has resulted in a seamless experience for users, which has contributed to the platform’s success.

Comparison to other platforms

Blur has emerged as a dominant player in the NFT marketplace due to its unique features, user-friendly interface, and emphasis on security and reliability. With the growing popularity of NFTs, it will be interesting to see how Blur continues to innovate and stay ahead of the competition in the coming years.

The launch of Blur has immediately pushed OpenSea to launch OpenSea Pro, their version of an aggregator. OpenSea Pro aims to compete with this by offering a similar experience, but with added benefits.

One of the key features of OpenSea Pro is its advanced search capabilities. Users can filter and sort through millions of NFTs with ease, making it easier to find exactly what they’re looking for. It also offers better curation tools, enabling collectors to create and manage collections of their favorite NFTs.

OpenSea Pro also boasts faster transaction times and lower gas fees than the regular OpenSea platform. This is due to its integration with a Layer 2 solution called Polygon. Transactions on Polygon are faster and cheaper than on the Ethereum network, which is the main blockchain used by OpenSea.

Another advantage of OpenSea Pro is its dedicated customer support team. OpenSea has received criticism in the past for its lack of customer support, and OpenSea Pro aims to address this by offering a dedicated team that is available to answer questions and resolve issues.

OpenSea Pro is currently in beta, but it’s already making waves in the NFT community. Its advanced features and improved user experience make it a strong competitor to other platforms, including Blur. If you’re an NFT collector or seller, it’s definitely worth checking out.

Disney NFTs Explained

Posted on by Anthony Georgiades

Disney, one of the world’s largest mass media producers, entered the world of non-fungible tokens in 2021 by creating NFT collections from their iconic characters. 

Disney NFTs, which include the company’s intellectual property and acquired franchises such as The Simpson, are showcased on VeVe —a marketplace that licenses and showcases NFTs from some of the most important companies from different industries.

Disney NFT Collections on VeVe

On November 2021, Disney launched their first NFT collection: the “Disney Golden Moments NFTs,” in celebration of Disney Day. The collection, as the name suggests, comprises some of the most popular moments from iconic characters in the company’s history, showcasing Elsa from Frozen, Iron Man, and at the top of the collection is Walt Disney holding hands with Mickey Mouse.

Disney NFTs sold out almost immediately at launch, like most collections from VeVe’s marketplace, considering they are from some of the world’s most important companies in mass media. However, Disney adopted a “Blind box” method on dorp day, requiring buyers to open a box to see their purchase. Most of the NFTs within the collection were priced at $60, with the value of some of these NFTs reaching $2000.

VeVe features three types of rareness for Disney NFTs. As part of the Golden Moments collection, there were 4,333 ultra-rare statues of Walt Disney holding Micky Mouse’s hand, each with a list price of 333 Gems ($333). Each purchase of a Partners Statue grants the customer a twelve-month subscription to Disney+ courtesy of VeVe.

On VeVe, we can find the full catalog of Disney’s NFTs, including collections from Star Wars, Cars, and Toy Story to single NFTs characters from Marvel, Alice in Wonderland, and The Simpsons.

On April 8, 2023, Disney launched the Disneyland Resort Posters collection, which celebrates the original artwork used to create Disneyland resort posters from the early days of the Tomorrowland area.

Source: VeVe

Disney’s Start Wars NFT Collection

The Star Wars NFT collection is one of Disney’s best-selling NFT collections on VeVe. Popular characters like C3PO and R2-D2 were the first to be showcased on the platform. Darth Vader soon followed with three different poses, but one of them is Ultra Rare, and it’s Vader doing an animated Force choke.

Pixar NFTs

Disney acquired Pixar in 2006, and with the Pixar family having some of the world’s most beloved animated characters in history, Disney made sure to add it to its Golden Moments NFT collection on VeVe. Similar to other NFTs, they were priced at $60, with their value skyrocketing 400% on secondary marketplaces.

On March 2022, Disney decided to double down on Pixar characters with the PIXAR PALS series, which comprises collections with over 50,000 NFTs combined that sold out immediately, auctioned in blind boxes at $60 each. 

The PIXAR PALS series generated an estimated $3.3 million in revenue. Wall-E, Sheriff Woody, Edna Mode, and more iconic characters from Pixar were showcased on VeVe as hand-painted digital art.

One of them is the Woody collection “Hey Howdy Hey!” consisting of 13,999 NFTs, priced at $60 with a Common rarity, with Woody rendered as a 3D NFT.

Marvel NFTs

Disney launched its Marvel NFT collection as a comic series released weekly by VeVe, each with their own level of rarity: Common for the original cover and Uncommon for black and white versions of the original comics.

Marvel Premiere #21 featuring Iron Fist

Marvel NFTs aren’t just covers of the original comic books —the comics can be read by browsing the pages on PC or iOS/Android devices.

Disney Mickey Mouse NFT Collection – Mr. Mouse

Naturally, Disney’s appearance in the NFT realm wouldn’t be complete without its long-time mascot, Mickey Mouse. The Mr. Mouse series dropped on December 24th using the Blind box method.

A total of four series were launched, with Series 4 featuring three collections; 

  • Hitchin’ A Ride, 3D animated collectibles comprising 2,940 rare NFTs priced at $60
  • A Close Call, 1,340 ultra-rare NFTs at $60;
  • All Aboard!, 940 secret rare 3D figures with Mickey hoping on a departing train, priced at $60.

Holders of the three series were airdropped a “Mickey’s Signature,” a unique NFT collectible, as a gift. 

How to Buy Disney NFTs

To buy a Disney NFT on VeVe, you first need to sign up and install the VeVe app (if you’re using the mobile version). Thereon, you can only buy/sell NFTs using the platform’s currency, Gems, which equals one US dollar. You can buy Gems using Apple Pay or Google Pay. The fees by the credit card provider, bank, or PayPal apply (and unlike cryptocurrency, you cannot sell Gems off-market.)

Secondary market fees on all Disney sales apply; VeVe charges a 6% licensor fee on top of the existing VeVe 2.5% fee for each secondary sale.

Final Thoughts: Future of Disney NFTs

Disney NFTs were some of the biggest news for the NFT ecosystem in 2021. A company that size attracted even more eyes to a flourishing ecosystem that was already seeing an influx of high-profile companies creating their own digital collections.

The mass media giant remained active for the following years after launching their first collection in 2021, all during Bob Iger’s absence, who worked as its CEO for 15 years. However, with the return of Iger on November 2022, Disney could double down on NFTs and Web3 for 2023. 

On March 2022, Igor joined Genies, an NFT platform on Dapper Lab’s Flow blockchain. He stated that the Web3 market offers “extraordinary” possibilities for Disney. “When you think about all the copyright and trademarks, characters Disney has, and the NFT possibility, they’re extraordinary, said Iger to the Hollywood Reporter.

NFT Airdrops Explained: What Are They & How Do They Work?

Posted on by Andrew Amarosa

NFT airdrops refer to the distribution of an NFT for free to a community or a group of whitelisted individuals. It’s a popular method for NFT projects, artists, and blockchain gaming apps to promote a new NFT collection to the public, draw attention to a new brand, or engage with their communities by handing out rewards.

While NFT airdrops are often free, they usually require users to hold a specific type of NFT to be eligible for the airdrop. This happens when a project announces an upgrade, a sidekick, a special package, etc., that benefits the holder and promotes a new collection as well.

How NFT Airdrops Work

Projects and creators often distribute NFTs by creating a new collection or sidekick by minting the NFTs and sending them to a particular group of wallets. They can also use a portion of the minted supply on later occasions. 

Either way, the idea is to promote hype for that new collection, drive public awareness of the brand, or add value to the existing NFT collection. Likewise, early holders can claim a new NFT, and others have the chance to receive a new token by just doing a few tasks and at a much lower cost compared to the minting stage prices.

Creators usually promote NFT airdrops through their websites and social media channels. A particular set of tasks is outlined to claim the airdrop, such as sharing the post or tagging friends on social media, interacting with the community, creating social media posts or blogs about the airdrop.

The most common types of NFT and general airdrops are:

  • Holder airdrop: these are the most common airdrops, in which projects send NFTs to wallet addresses holding a specific NFT or cryptocurrency. Generally, the more tokens the user has in their wallet, the more NFTs they receive. 
  • Standard airdrop: these are limited NFTs in terms of quantity and time. Users are not required to perform any specific task rather than creating an account and connecting their public crypto wallets to the website. 
  • Exclusive Airdrop: this type of airdrop is a way of rewarding loyal holders who, besides holding the token for an extended period, have attended exclusive IRL events, interacted with the community, and contributed to the collection in some way. Exclusive airdrops are not meant to be confused with bounty airdrops, which are open to everyone to participate.
  • Raffle airdrop: rare NFTs distributed to a few selected individuals. In this airdrop, a creator will form groups using users’ crypto wallets and whitelist them before randomly choosing the winners. In order to participate, users typically have to sign up to the airdrop or perform a series of tasks. 

Examples of Successful NFT Airdrops 

For example, holders of Bored Ape NFTs received a digital vial of mutant serum, which turned their Bored Apes into Mutant Apes: Yuga Lab’s second project. In other words, Bored Apes holders received an NFT airdrop that changed their original NFT.

Mutant Ape #28566. Source: OpenSea

In late April 2022, Chiru Labs announced the launch of Beanz, an airdrop collection of 19,950 NFTs that function as sidekicks to Azuki NFTs. On the day of launch, the highest selling bean sold for 90 ETH, or roughly 250k in that time. 

However, the chances of an airdropped NFT becoming highly valuable in the near future are low, unless we’re talking about NFT projects that have a well-established position in the space. The success of a new NFT collection will highly depend on several factors, including utility, rareness, reputation, exclusive benefits, and membership perks in the community, to name a few.

How to Claim an NFT Airdrop 

NFT airdrops will have different mechanics depending on the creator, but you’ll need a cryptocurrency wallet that supports the specific blockchain and NFT you want to receive. MetaMask and EVM-compatible wallets are the most popular options in this case. You must either provide your public address to the project or connect your wallet to the project’s claim site.

When you visit the airdrop page, you will likely find a set of tasks and rules to perform and follow to get a chance to claim the NFT airdrop. Other times, you don’t need to do anything as the creator already has your wallet and will sort it together with other addresses.

Where to Find NFT Airdrops?

You can find NFT airdrops by following closely NFT projects on their social media or websites to be as early as possible at the time they announce upcoming airdrops. You can also check out aggregators like CoinMarketCap or NFT news sites that usually provide long lists of airdrops.

Safety Tips Before Participating in Airdrops

Beware of random NFT airdrops coming into your crypto wallet. If you receive an NFT or any other token with no verifiable source, it’s likely a scam. In this case, do not sell, trade, or interact with it. 

NFT airdrops are an extension of an already established community, so double-check the airdropped token and see if the source matches with the original creator.

Here are a few rules to follow:

  • Only provide your public wallet address to verifiable projects but never your private keys, seed phrase, or personal credentials. If a project is asking you for any of these, it’s a scam.
  • Make sure you double-check the project’s legitimacy before connecting your wallet to the website or DApp. Scammers will always copy a project’s marketing content, websites, and landing pages to trick people into believing they are legit. Check the URL and any changes in the website’s direction or name.
  • It’s always better to use an empty NFT wallet, as the scammer won’t have anything to steal if you ever fall victim to one.
  • Verify that the tasks you need to perform don’t require handing over personal information.
  • If the task involves sending money or crypto to a specific wallet, it’s a scam.
  • Ignore NFT airdrops sent to your DM – usually scammers or dubious and low-quality NFT projects.

Final Thoughts

Airdrops are similar to being a regular customer in a grocery store and receiving a special treat for all the years you’ve been buying from them, or getting an offer from supermarkets; buy one and get one for free at a later date.

They are a popular way of engaging with communities, driving brand awareness to Web3/NFT projects, or adding value to existing projects; mostly because they’re easy to carry out, cheap, and allow creators to test the community’s reaction to certain types of projects. Airdrops are often seen a win-win for both sides, as they benefit users with new assets without doing too much in return.

NFT Real Estate Explained (Read Before Buying)

Posted on by Anthony Georgiades

Non-fungible tokens (NFTs) have been used to disrupt several industries, starting with the art market and diversifying into music, communities, and real estate. 

While these rapidly changing markets have been easier to disrupt, real estate could pose a much more significant challenge being a slower market, taking an average of 8 weeks per sale compared to art, which typically takes no longer than a wire transfer. 

This article will look at how NFT real estate works, reasons to use NFTs in the real estate market, the top two NFT real estate projects, challenges real estate NFTs could face, and their future in the market. 

How Do Real Estate NFTs Work?

Real estate NFTs are similar to traditional NFTs; they can be purchased on cryptocurrency marketplaces such as OpenSea and  SolSea using Ethereum, Solana, or the cryptocurrency chosen by the seller. Each NFT is then held in a cryptocurrency wallet. 

Real estate NFTs can be used to generate a passive income by representing equity in a real-estate project. They can cover everything from property ownership to a share, in which the NFT holder will be paid much like a traditional dividend. For example, if the NFT owner represents a 15% share in a real estate project, the holder will earn 15% of the net profit. 

Due to their tokenized nature, most real estate NFTs can be sold at any time, provided there is a marketplace with sufficient liquidity for the asset. However, some real estate investments will require the owner to hold for an agreed period, which will be made clear before a purchase is made. 

Why Use Real Estate NFTs?

With NFTs still being a new technology, how practical are they compared to a system that’s been in place for decades? 

Being immutable, NFTs show absolute proof of ownership, improve credibility, and are fully transparent, without many of the complexities of the traditional real estate system, such as surveying and complex contracts. Here are two benefits that NFTs bring to real estate. 

NFTs can dramatically decrease the volume of paperwork required to purchase a property. Current real estate investments require copious amounts of paperwork as part of the ownership transfer, which can be overwhelming for all parties involved. 

Real estate NFTs help streamline this process, as much of the back-office paperwork can be automated with the NFT’s underlying smart contract. This, in theory, allows buyers and sellers to transfer ownership in a matter of minutes (after legal counsel has been consulted). 

Top NFT Real Estate Projects

Origin Story 

Origin Story has partnered with the real estate investment group Roofstock to bring real-world real estate properties to the NFT marketplace. Roofstock believes that this deal will help cut sellers’ fees by 50%, dramatically improving the profitability of selling property. 

Roofstock also believes that on-chain real estate transfers could increase transaction speeds, streamlining the buying process. Since 2015, Roofstock has facilitated over $5 billion in investment transactions and plans to implement NFT real estate investments in 2023. 

The Sandbox

The Sandbox is one of the largest Ethereum-based Metaverses in the DeFi market. Showcasing an entire world to explore, The Sandbox offers unique play-to-earn virtual reality gameplay in which players can buy land plots, buy and sell in-game assets, and complete tasks for rewards. 

The Sandbox first rose to fame in 2021, when it was endorsed by Deadmau5, Snoop Dogg, and Atari, all of which own land plots within the digital world. Land plots are valued based on the area they’re in, with land close to celebrities having a higher value. For example, the three plots around the Snoop Dogg Mansion sold for $1.23m, with one selling for $453,000. 

LoanSnap

LoanSnap launched the first seven mortgage NFTs in November 2021 in the form of home equity loans. These NFTs work like traditional mortgages, replacing mortgage notes with NFTs. 

The location and size of the NFT mortgages were not disclosed and have not yet been available to the general public or crypto investors. However, LoanSnap also plans to issue a stablecoin called bHome. bHome will represent fractional ownership in the NFT mortgage notes, which would allow investors to own a percentage of the mortgage. 

Challenges for NFTs in Real Estate

Much like any other new technology, real estate NFTs don’t come without their drawbacks. Firstly, only 12% of Americans understand the concept of NFTs, creating an educational divide. Although NFTs offer a wide array of benefits, the underlying technology could be too complex for everyday real estate workers and home buyers to fully utilize without the risk of hacks and scams, which have been used to steal $100m since July 2021.  

Secondly, regulation could make real estate NFTs more complex than first thought. The U.S. Securities and Exchange Commission (SEC) has ramped up its investigation into NFTs, stating that NFTs are being used to raise money, like traditional securities, rather than being sold as art. 

Real estate NFTs would undergo a Howey test before they’re accepted into the mainstream real estate market. Should they be considered a security, they will have to be registered with the Securities Exchange Act of 1934, file regular reports, and comply with Rule 505 of Regulation D.

Final Thoughts: Do NFTs Have A Place In The Future Of Real Estate?

In the future, real estate NFTs could be used to streamline both residential and commercial real estate transaction processes, and open the asset class to an international decentralized community of buyers and sellers.  

As the real estate market is already heavily regulated, current laws covering privacy and data protection will likely make it difficult to buy and sell real estate properties as NFTs. Property laws in the real estate’s location could also add additional complexity to the deal, with different states and countries having different rules regarding real estate ownership.  

That being said, real estate NFTs may begin to slowly influence the real world market, allowing individuals to hold mortgage debt, support new building projects and take part in group investments instead of outright buying and selling a whole property.

Otherside NFTs Explained (Read Before Buying)

Posted on by Anthony Georgiades

Otherside is a metaverse world designed around the Bored Ape Yacht Club (BAYC) NFT collection. 

“The Otherside” will offer a massive role-playing game where over 10,000 players can interact, complete missions, and voice chat simultaneously. 

The Otherside NFTs were originally sold to BAYC holders and went on public sale on April 30, 2022. 55,000 land parcels were sold for over $300 million, though not without controversy. Due to high network usage, transaction fees were extremely high, and some transactions failed altogether. 

In this article, we’ll look at what The Otherside is, how it works, its founders, how you can buy an Otherside NFT, and what happened during the land sale that caused a stir among Crypto Twitter. 

What Is The Otherside?

The Otherside is a 3D massively multiplayer online role-playing game (MMORPG) focusing on the BAYC community. It’s designed to help expand the utility of the BAYC project, combining the benefits of BAYC with a range of other NFT projects.  

Like other Metaverse projects, players can explore an open world, venture out on quests, buy, own and sell land, and harvest resources to potentially generate passive income. 

There are four unique resources in the game: Anima, Root, Shard, and Ore. 

Players can also find and collect “artifacts,” rare in-game assets. 

The Otherside ecosystem consists of a marketplace for materials called The Agora, a unique arcade machine, and The Codex, which works much like a book telling the tales of The Otherside. In its basic form, The Codex describes the Metaverse. However, it continues to change and can be added by players describing their in-game experience. 

As of January 2023, The Otherside is only accessible to landholders who own Otherdeed NFTs. These can be purchased on OpenSea and have a floor price of around 1 ETH – 1.5 ETH. 

How Does The Otherside Work?

The Otherside operates using several components: 

  • Unique playable NFT characters
  • Otherside Land NFTs
  • Kodas

Here’s how each works. 

NFT Characters

To create diversity in The Otherside, a wide range of NFTs can be used as playable characters as long as the owner holds an Otherdeed NFT. This increases the number of players, as BAYC NFTs would price out many holders. 

Otherside Land NFTs

Otherside land NFTs, also known as Otherdeeds, come in a wide range of unique land types offering a diverse range of terrains for players to explore. Land types include castles surrounded by lava, bone-chilling glaciers, psychedelic realities, and thousands of other options. 

Each piece of land will have unique sediment, including rainbow atmos, biogenic swamps, chemical goo, cosmic dreams, and an infinite expanse. There are 200,000 land parcels, each of which will have one or more resources (Anima, Root, Shard, and Ore.)

Alongside its sediment, each Otherdeed land parcel will also have a range of unique traits, such as:

  • Environment
  • Resources
  • Artifacts
  • Sediment tier
  • Environment Tier
  • Kodas

This makes each plot unique, with resources determining the value and rarity of the land NFT. 

Kodas

Kodas are a new series of NFT characters and will play an important role in The Otherside Metaverse. Initially, there will be 10,000 Kodas for every 100,000 Otherside Land NFTs, meaning players will have a 10% chance of owning one. 

As of January 2023, Kodas remains somewhat of a mystery. There is currently no information on how players will interact with them, and their storyline remains a secret. Nonetheless, many investors believe the value of Kodas will surge in the future. 

Who Created The Otherside?

The pioneer of The Otherside is Yuga Labs, the company that created ApeCoin and BAYC. They are supported by three developers: Andreesen Horowitz, Animoca Brands, and Improbable. 

Andreesen Horowitz, also known as “a16z crypto,” is the venture-capital firm that led the first seed round for The Otherside. One of its partners, Chris Lyons, has since become part of Yuga Lab’s board for the project. 

Animoca Brands is a venture capital and gaming software company. It already has prior success in the Metaverse, having helped build The Sandbox, and is now working on the funding and technology for The Otherside. 

Improbable is a UK-based company pushing the boundaries of Metaverse technology. Using funding from Animoca, Improbable aims to create the largest, most secure, and most interactive platform across a range of virtual worlds. 

How To Buy An Otherside NFT

You can buy Otherside NFTs on OpenSea.

Begin by creating an OpenSea account and connecting your wallet– MetaMask is the best option.

Once connected, search for Otherdeed for Otherside, ensuring the collection has a blue verification tick. 

Search through NFTs based on traits and click “Buy Now” to make your purchase. 

Land Sale Disaster

Despite being a highly anticipated project from a well-known NFT project, the initial Otherdeed NFT drop was a disaster for many investors. Before release, the majority of the 200,000 land plots available were reserved for the BAYC community, which immediately monopolized the market. 

Only 55,000 land plots were sold publicly, with a mint value of over $300 million. This made the mint one of the most expensive of any Metaverse projects and immediately priced out many collectors. 

Before the Otherdeeds sale, Yuga Labs announced they wouldn’t rely on a dutch auction, which is known for creating “gas wars” where fees are driven up until only the richest investors can buy into a project. 

Instead, Yoga Labs planned to use a wave system to release their NFTs. Unfortunately, this was even less successful than a dutch auction. Upon release, thousands of investors swarmed the platform to buy an Otherdeed NFT. This resulted in extremely high minting fees, and several transactions failed as collectors couldn’t afford the gas fees. Consequently, investors who experienced failed transactions lost thousands of dollars.

By the end of the sale, only NFT investors with large amounts of capital could buy. Yoga Labs apologized for the incident and stated that in the future, they might need to move the BAYC ecosystem to another blockchain network to prevent similar problems. 

Final Thoughts: Exploring Otherside’s Potential 

The Otherside is an exciting spin-off of the BAYC brand and has the potential to take the community to new highs. 

With many exciting features, interactive gameplay, and a storyline that will continue to develop, The Otherside could change how we interact with blockchain gaming. 

However, despite its potential, The Otherside may be too expensive for everyday NFT gamers to get involved. 

The fact that almost 75% of the total supply went to BAYC holders and investors were priced out of the remaining supply during The Otherside auction means that only a select few collectors can participate. If the project wants to thrive, it needs to consider the wider NFT community and create new ways for collectors to enjoy the Metaverse without a large initial investment. 

Copyright © 2021 Pastel. All rights reserved