Otherside NFTs Explained (Read Before Buying)

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. 

Azuki NFTs Explained (Read Before Buying)

Azuki is a collection of 10,000 avatar NFTs inspired by anime artwork. The collection works like most profile picture NFTs (PFP NFTs,) utilizing a randomized selection of traits to create each unique character. 

Released in January 2022, Azuki had one of the most successful NFT launches, selling out on OpenSea and LooksRare in just three minutes. During its release, Azuki generated an estimated $29 million and caught the attention of the entire NFT market. 

In this article, we’ll look at what Azuki is, how it works, what are Azuki’s Beanz, how to buy an Azuki NFT, Azuki Controversy, and the project’s future. 

What is Azuki?

Azuki is a PFP NFT project consisting of 10,000 generative anime-inspired avatars. Its unique aesthetic has been compared to a combination of the 3D game The World Ends with You and the skateboarding magazine Thrasher. 

Azuki was initially planned to be launched using a Dutch Auction (where a set starting price is made and decreases throughout the sale.) The dev team planned to set a starting price of 1 ETH for 8,700 NFTs (1300 were whitelisted) and decrease this by 0.05 ETH every 20 minutes until its price hit 0.15 ETH. However, as the collection sold out in three minutes, it never decreased in price. Instead, all NFTs were minted at 1 ETH- around $3246. 

Post-launch, the value of Azuki increased exponentially, with Azuki hitting almost $300 million in transaction volume across NFT marketplaces like OpenSea. Lower value NFTs were selling for around $36,000, while rare options sold for over half a million USD. Azuki had become the eighth-most traded NFT collection worldwide in just one month, competing with household names like Bored Ape Yacht Club and CryptoPunks. 

How Does Azuki Work?

Alongside unique PFP NFTs, Azuki promised investors a long-term roadmap which helped attract the NFT community to the project. This roadmap included immersive 3D experiences, unique Azuki-themed merchandise, in-person exhibits for Azuki holders, and even a native currency called $BEAN.

Since its initial release, all holders have had access to The Garden. Within The Garden, holders can be the first to access collabs with other NFT projects, Azuki drops, clothing, tickets, live events, and more. 

However, this initial roadmap was disrupted in early May 2022 after Zegabond (an Azuki founder) published a blog that mentioned his previous three projects and how each had failed. Each had been a big hit at the time and experienced controversy in one way or another. This decreased the price of Azuki’s by over 45% and caused significant backlash throughout social media, which we’ll go into more detail below. 

As of January 2023, Azuki has continued to follow its roadmap, offering streetwear to members of The Garden, the creation of a Gallery Metaverse, and plans for Meta-games within the community. 

Who created Azuki?

Azuki was created by Churu Labs, a group of artists and developers located in Los Angeles. Each member has a background in technology, gaming, and crypto, using a pseudonymous name to stay anonymous. They go by the names of 2pm.flow, location tba, HoshiBoy, and Zagabond. 

Churu labs created Azuki to take PFP NFTs to the next level, aiming to impact the real world with in-person events, merchandise, and more. 

What are Azuki’s Beanz?

In April 2022, Azuki launched a second collection called Azuki Beanz. This collection was more affordable than the traditional Azukis and had rumors to be linked to Adidas and Supreme (though these turned out to be untrue.)

The collection consists of around 30,000 NFTs, and each Azuki holder was airdropped a mysterious box that contained a unique character from the Beanz collection.

Azuki Beanz holders receive access to an exclusive Discord channel, with merchandise and collectible drops being announced in the future. 

There are two BEANZ NFTs in total; one red and one blue, each with its own personality. Red BEANZ is a rule breaker, making his way from The Garden into the alley. Apparently, the Red BEANZ bites your Azuki if you tell him what to do. 

The second bean is a blue BEANS NFT. Blue BEANZ is constantly getting into trouble. They annoy Azuki’s and have a bad reputation. 

How To Buy An Azuki NFT

You can buy an Azuki NFT on LooksRare and OpenSea.

Start by setting up an account and collecting your wallet on either platform. MetaMask and Coinbase Wallet are good options for this. 

Once you’ve connected your wallet, search for Azuki in the search bar, ensuring the collection has a blue checkmark to avoid a rug pull

Find the NFT you want to buy and click “Buy Now” to complete the purchase. 

Azuki Controversy 

In May 2022, Zagabond announced he was behind three defunct projects; Tendies, CryptoZunks, and CryptoPhunks. CryptoPhunks, in particular, was seen as a huge issue amongst the Azuki community, as it was considered a rug pull after the dev team disappeared. Consequently, many investors started to question the legitimacy of Azuki. 

But the criticism didn’t stop there. After additional research, on-chain data discovered that the founder of CryptoPhunks completed a wash trade (when a buyer and seller collaborate to inflate the market.)This caused the Azuki floor price to plunge further, decreasing from 19 ETH ($ 45,410) to as low as 10.5 ETH ($25,095.)

To address the controversy, Zagabond held a Twitter space on May 10th, hosted by Andrew Wang, a popular cryptocurrency figure. Vagabond claimed that he handed off the communities, then tried to justify his actions by stating there’s no rulebook for creators to follow. 

However, developers who worked with Zagabond took to Twitter to share their experiences. In a detailed Twitter thread, “dvx,” a former CryptoZunks team leader, stated that Zagabond was consistently dishonest about his work, failed to communicate with his team, and abandoned the project despite a roadmap already being in place. Other developers stated that Zagabond was scamming from the start and had no intention for the projects to succeed. 

Despite this criticism, Azuki buyers actually increased by 1200%, with investors capitalizing on the lower floor price. 

Final Thoughts: Is Azuki Still Worth The Investment

Although Azuki experienced negative publicity in 2022, it remains a strong investment option with a floor price of 14 ETH as of January 2023. 

The dev team has successfully expanded the project with Azuki Beanz and continues to pursue the planned roadmap, providing value to holders in the process. This continuous investment shows that the dev team is invested in the long-term success of the project. 

Nonetheless, as with any investment, completing your due diligence is always important. Only invest what you can afford and ensure Azuki is the right project for you before making any decisions. 

The 25 Best NFT Memes Will Make You Cry Laughing

With the NFT market experiencing one of its first bear runs, it’s a great time to look at the funny memes NFTs have given us.

You know, a “laugh through the pain” sort of thing.
Memes play an important part in NFT culture, influencing collections like BoredApeYachtClub and Crypto Punks, as well as creating hype around new projects.

And best of all, they make you realize just how crazy NFTs may appear to ordinary people, especially the older generation who think resetting the WiFi box makes you an internet genius.

Whether you’ve lost an NFT gas far, minted a recent rug pull, or your portfolio is getting rekt, here are 25 of the best memes to hopefully put a smile on your face.

  1. When your dad ruins career day

Picture NFTs gurus in 10 years. They turn up at their kids’ career day. Every other parent is talking about their office job, being a firefighter, working in a hospital. But not NFT dad… No. He turns up with his Trezor wallet ready to show off his NFT collection. 

  1. Mental health isn’t real… right?

We’ve all fallen down the NFT rabbit hole. 

“I’ll just buy one,” you told yourself. 

Six months later you’re on your 672nd NFT, your LinkedIn profile picture is an a monkey and you spend 20 hours a day on OpenSea. 

Ready for the next bull market? 

  1. Pixelmon Kevin 

Pixelmon is an NFT project that promised a Pokemon-style Metaverse where you could train and collect Pixelmon. In its initial release video, users saw a stunning world full of beautiful terrains and unique creatures. But on release, they got Kevin… Kevin was so laughably bad that he became a meme. 

  1. NFTs are art, right? 

NFTs have been described as modern art. But art seems to have taken a new form. Instead of stunning mosaics and beautiful paintings, we prefer pixelated figures on a screen. Even as an NFT lover, you have to admit it’s a little odd. 

  1. Who needs the world when you have monkeys?

Post 2020 the world has been a little hectic. Global lockdowns. Economic collapse. The threat of war. But if you just spend a few hours on OpenSea everything looks good. A few monkey pictures here. A few pixelated profile pictures there. Take a deep breath and relax. 

  1. Is your job really worth it?

You work hard for 20 years, get a promotion and eventually, you can buy a house and settle down. Or you can just sell a JPEG for half a million dollars. The choice is yours. 

  1. But why don’t you just right click and save?

When NFTs first made the mainstream media, everyone was asking the same thing: why can’t you just save them? Although more people now understand the blockchain technology behind an NFT, it’s still amusing to see how frustrated owners get when someone saves the image they paid $10k for. 

  1. If only they knew…

BoredApeYachtClub is arguably the most famous NFT collection in the world, being collected by celebrities such as Justin Bieber, Jimmy Fallon, Snoop Dogg, and Eminem. Collectors are known for continuously talking about their apes in a cult-like manner. But outside of the NFT world, nobody knows who they are. You definitely wouldn’t call it party talk. 

  1. I’m building the collection for its utility…

According to Into The Block, the number of NFT collections created on Ethereum increased by 104.5% in 2022. While some of these collections had great utility, many were just looking for a quick profit. 

  1. Mum, I swear I’ll be a millionaire in 5 years

Some people took NFT investing a little too far. You see horror stories of people who lost their life savings in rug pulls, sold assets to pay debt and spent 90% of their time looking for new collections. They’ll be rich soon though, don’t worry. 

  1. Parents in their 30’s vs me in my 30’s

It’s crazy to think that an NFT could be worth more than a house. But many collectors spent more than a house payment on their collection. Collectors such as Starrynight have collections worth over $15 million. That’s several houses and a mansion. 

  1. If only it were that easy

During the peak of the bull market just about everyone was getting involved in NFTs. Unfortunately, very few actually knew how hard it was. With gas fees at an all time high and scams around every corner, a lot of newbie investors got learnt the hard way. 

  1. But mine has different eyebrows, it’s definitely unique

Imagine painting the Mona Lisa, changing her hair color and selling it as a whole new piece. This is kind of how NFT collections work. A little bit of paint, a change of color, and a new accessory- that’s an extra $300 in the bank. 

  1. Why would they ever screenshot?

This meme plays on the screenshot joke and showcases one of the world’s most expensive NFTs. Known as the COVID Alien, it sold for $11.75 million and as you might have guessed, thousands of users simply took a screenshot and used it on their own profiles. 

  1. Christmas is coming

Explaining anything online to family is a little complicated- especially as you go up a generation. Explaining NFTs? Almost impossible. Try explaining to your dad that the monkey you own is worth $50k and he’ll look at you like you’re crazy. 

  1. Where’s my Lambo?

New investors worldwide thought they’d make millions with NFTs. They saw a 10 year old do it, so why couldn’t they do it too? Turns out there’s actually more to making money than just minting.

  1. Mum, I’m an artist

According to the Social Media Examiner, around 98% of all NFT projects will ultimately fail. For every Bored Ape Yacht Club, 98 other projects won’t take off. There’s a multitude of reasons why, but this meme certainly puts a funny spin on it. 

  1. How do you make money on every project?

Here’s a little secret. If you want to win big on NFTs then you need to get in on the whitelist. Whitelists let you get in on a project before it increases in value, which helps you save and profit simultaneously. 

  1. Hi boss, yeah, I quit

Everyone’s seen this classic Wolf of Wall Street moment. At the peak of the NFT market, many investors may have had the same idea. Let’s hope we see an NFT remake of this in 20 years. 

  1. Here’s the bill

It’s great having an NFT worth $150,000. But it’s a bit like having a $150,000 sports car. You can’t use it to pay the bill. 

Hope These NFT Memes Made You Laugh!

The great thing about NFTs is that the market’s just getting started– the ups and downs will fuel a creative cohort of meme creators. As the use cases for NFTs grow, we’ll see more memes to laugh at in the future.

Let’s just hope some of the memes aren’t too relatable. 

How to Buy NFTs on Coinbase

Coinbase is the world’s second-largest cryptocurrency exchange, with over 73 million users. It’s best known for its easy to use interface and in-depth educational resources, making it the perfect exchange for new investors. 

Now, Coinbase has entered the NFT market with Coinbase NFT. Coinbase NFT works as an extension to the traditional Coinbase platform and requires users to re-sign in with their crypto wallet. 

Here is a step-by-step guide on how you can buy NFTs on Coinbase. 

How To Buy An NFT On Coinbase

  1. Start by heading to https://www.coinbase.com/ and creating a Coinbase account. On the login page, enter your email address and “Get started,” or click the Sign In button on the right side of the page. 
  1. Once logged in, click on the NFT tab on the bottom left hand side of the page. This will open a new tab for the Coinbase NFT platform. 
  1. From here you’ll need to sign in again. Click on the “Sign In” button on the top right and select your wallet. MetaMask and Coinbase are the two most popular options. 
  1. After signing in, look at the current trending NFTs or alternatively search for the collection you want to buy an NFT from. 
  1. Click on your chosen collection and select the NFT you want to buy. After clicking on an NFT, you can view its unique attributes, offers, and recent activity. You’ll also be able to see its “Buy Now” price. 
  1. If you want to buy the NFT instantly, click “Buy Now.” Alternatively, you can make an offer slightly lower than the Buy Now price to bag a bargain. 
  1. After placing your bid, the NFT owner will need to accept your offer. Once accepted, the transaction will be made, and the NFT will be sent to your wallet. 
  1. Congratulations! You’ve now purchased an NFT on Coinbase. 

How To Connect With Your Friends On Coinbase

As well as buying NFTs, the new Coinbase market is also introducing a social side to NFTs. Through the Coinbase extension, you can follow friends, look at their recent activity and show off your latest purchases. Here’s how. 

  1. When logged into Coinbase NFT, click on the “Following” tab at the top of your screen. 
  1. Search through the different accounts to follow, or use the search tab to look for your friend’s account. 
  1. Click on the account to look at the NFTs they own or look at their most recent activity to see what they’ve been up to.  

Coinbase NFT: The New OpenSea?

With Coinbase dominating the cryptocurrency industry, could it overtake current NFT exchanges such as OpenSea when it comes to NFT sales? At the moment, it’s a little hard to say. 

Coinbase NFT is still in its Beta phase, and it definitely feels that way. It uses a similar interface to Coinbase, but doesn’t quite have the usability of OpenSea. It lacks the different categories offered by OpenSea and seems a little limited in its offerings, with the main focus being on popular collections. 

That being said, it definitely has the potential to influence the NFT market, especially if Coinbase can successfully convert its new crypto user base to NFTs. 

Coinbase NFT FAQs

Does Coinbase Sell Solana NFTs?

No. As of December 2022 Coinbase only offers Ethereum NFTs. 

Are There Any Selling Fees On The Platform?

Coinbase is currently running an early phase sale program where there are no fees for sales. Fees will be a part of the platform after its Beta phase, though no official date has been released. 

I Have No Experience With NFTs. Can I Still Use Coinbase To Buy NFTs?

Of course. Coinbase makes it easy to buy NFTs with their dedicated wallet. This wallet will already be used as part of your cryptocurrency account, which makes it easy to adapt. You can also learn more about NFTs through the Coinbase Learning Portal. 

What Wallets Can I Use To Buy Coinbase NFTs?

Current wallets include MetaMask, Coinbase, and WalletConnect. 

I’m Experiencing An Issue With My Coinbase NFTs. Who Can I Contact?

You can contact the Coinbase team directly here. Using the support center you can report issues about the product you’re having issues with or contact the support team directly.  

Can I Buy Music NFTs on Coinbase?

No. As of December 2022 music NFTs are not available via Coinbase.

What Are The Most Popular Collections On Coinbase?

Coinbase offers some of the most popular NFT collections, including BoredApeYachtClub (BAYC), CryptoPunks, Otherdeed For Otherside, and More Loot. 

Does Coinbase Offer New Collections?

Yes! Drops are a part of the Coinbase NFT platform and can be found on the “Drops” tab. Each drop has its own countdown and a “Remind Me” button, where you can sign up with your email to be the first to hear about any project updates. You can also view comments from other investors underneath each drop. 

What Does Minting Mean When It Comes to NFTs?

Minting is the process of creating an asset on the blockchain. It’s the process used to create non-fungible tokens (NFTs,) which are blockchain-based tokens that prove ownership of an item such as a piece of music, profile picture, or image. 

They first grew in popularity in 2021, with collections like Bored Ape Yacht Club and CryptoPunks making international headlines for their huge price tags. Since then, brands such as Nike and Adidas have created their collections, doubling the number of collections in just one year. 

So what exactly is minting an NFT? How does minting work, and what does it cost? In this article, we’ll answer each of these questions: how long it takes to mint an NFT, the most famous mints, and how an NFT gas war can impact the minting price.

What Is Minting An NFT?

Minting an NFT is the process of creating an asset stored on the blockchain, where its authenticity and ownership are proven. The blockchain itself can’t be edited, which makes ownership indisputable.

Minting an NFT is usually completed on platforms like OpenSea, which provides users with the tools to mint their collection. In addition to these tools, creators will also need the art they plan to use and details of unique accessories and features. Some general knowledge about blockchain technology is also useful but not essential. 

To mint a collection, creators will need a crypto wallet with the cryptocurrency needed to put their collection on the blockchain. Most NFTs are created with Ether (ETH), though Solana (SOL) and Cardano (ADA) are also popular options. 

After paying all fees and uploading the necessary files to create a new token, the platform you use will register your new asset on the blockchain, which can be listed on exchanges to generate a crypto income,

How Does NFT Minting Work?

Minting For Creators

As a creator, minting an NFT lets creators create scarcity, secondary earnings, and verified ownership. Creators can create limited edition pieces, specialized collections, and more, all of which are validated on the blockchain. 

Minting also lets creators build communities and perks for collectors who buy their NFTs and generate a passive income through “creator fees,” which charge a small percentage of each secondary sale. 

Creators can complete the process on platforms like Solsea and Opensea, which cover all complex coding, allowing creators to focus on the art. 

Minting For Collectors

As a collector, minting allows you to become part of a community. When minting from a new project, collectors become the first-ever owner of a particular NFT. Minting from a new collection is like buying a pack of collectible cards; you never know how rare the NFT will be. 

Minting as a collector requires you to go to the developer’s website. On the website, there will be an option to “Mint.” Connect your wallet, pay all fees, and your NFT will arrive in around 30 minutes. 

How Much Does Minting Cost?

The cost of minting depends on the “gas price” (transaction fee.) This is paid to the blockchain and will vary depending on the time of day and overall activity. Minting an NFT can cost as little as $0.01 but can go as high as $500 to a few thousand dollars. If gas fees are particularly high when minting an NFT, you can always return later to mint at a lower price. Just make sure the collection won’t sell out before then!

How Long Does It Take to Mint an NFT?

Minting an NFT can take anywhere from 30 minutes to 3-4 hours, depending on how experienced you are with the platform. 

The actual minting process is the stage at which your NFT is published. Before minting, you need to create the art for the collection and decide how many NFTs you plan to create and how you plan to promote the collection.

Most Famous Mints

CryptoPunks

CryptoPunks was first released in June 2017 and became the most popular NFT collection of all time. What makes this mint famous is that it was completely free. Anyone with an Ethereum wallet could claim a CryptoPunk.

Following its release, many collections replicated the 10k profile picture trend, and CryptoPunks went on to sell for millions. As of December 2022, CryptoPunks remains the most valuable NFT collection on the planet. 

Quantum 

Quantum is commonly cited as the first NFT ever minted. It was minted in May 2014

(May 2014) on a site known as Namecoin. After its initial mint, Quantum was forgotten about for years until going on auction at Sotheby’s in June 2021, where it sold for over $1 million. 

The Eternal

The Eternal is the fastest-selling NFT collection to be minted, selling out in just seven minutes. It was released by Anthony Hopkins, who partnered with NFT company Orange Comet. It was sold on 13th October and showcased 1000 NFTs consisting of 10 unique animation NFTs and 990 unique images. 

What Is an NFT Gas War?

An NFT gas war is a bit like a bidding contest with too many bidders. It starts when the demand for an NFT is higher than its supply- for example when a popular new NFT collection is released. This increase in demand causes the blockchain to slow, and consequently, some investors tip blockchain validators to speed up the transaction. As a result, the gas fee increases based on the tip. 

To beat other bidders, investors will keep paying higher fees until most investors can’t afford the gas fees. This causes the overall traffic to decrease and prioritizes the highest bidders, which can be frustrating for investors with smaller budgets as it could price them out completely. 

It’s important to note that gas fees will also differ based on the platform and the time of day. In some situations, the gas fee can be higher than the listed sale price of the NFT. Therefore, it’s important you research the gas fee before selling or buying an NFT. 

Final Thoughts: Minting Isn’t As Complex As You May Think 

Minting an NFT isn’t quite as complex as it’s made out to be. While you need to consider factors such as gas fees and the platform to mint, once you have the designs in place, most platforms will take care of everything for you. Be diligent with your research beforehand and ensure that the gas fee is within your budget- the last thing you want to do is bid for an asset only to realize you can afford the gas. 

Minting is a great way to make money as a digital creator. As NFT technology advances, its use cases and widespread adoption will also increase, making it a great time to get involved in the market.