ApeCoin lost 30% in value after the launch of Otherside

On May 1, Yuga Labs, which oversees the BAYC NFT collection, connected the Otherside metaverse to work. Notably, all available Otherdeeds coins were sold out within a few hours. Official representatives of the company in his Twitter noted that they were amazed by such a hype. At the same time, the period for submitting new applications was postponed until the moment when gas prices return to optimal values.

The Yuga Labs project team apologized to users for unsuccessful exchange transactions with Ethereum and assured that all gas costs would be compensated in the near future. A comment was also made that the ApeCoin asset needs to migrate to its ecosystem in order to scale effectively.

As a result of the launch of Otherside, the crypto asset ApeCoin (APE)associated with the infrastructure of BAYC, lost in price by 30% at once, reaching a global minimum of $17 in a short time.

Yuga Labs announced this coin as one of the payment methods, and about 55,000 non-fungible Otherseeders tokens (305 APE per unit) were issued. Additionally, mandatory KYC verification for potential applicants was integrated. There was also a restriction according to which one address could purchase no more than 2 NFTs. Initially, the assets were planned to be sold through the Dutch auction system, but due to insufficient efficiency, this concept was abandoned.

Read also: $36 million worth of ApeCoin futures liquidated

Last month, Yuga Labs released a promotional video showcasing the Otherside metaverse featuring characters from the BAYC and MAYC collections. It is noteworthy that the project managed to attract about $450 million of investment funds during the next stage of financing.

In the earlier edition that the OpenSea platform has urgently suspended the sale of the Sand Vegas Casino Club digital art collection amid demands from the financial regulator. According to the supervisory authority, these NFT assets belonged to the category of unregistered financial instruments.

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