Live Blog | Documenting The Otherside Launch
After a week of heavy anticipation, the launch day for Yuga Labs' 'The Otherside' Metaverse project is finally here.
Are you prepared? If not, we've gathered all Otherdeed NFT mint details in one spot.
To celebrate what some are calling, "the biggest day in NFT history," we'll be documenting all the developments of The Otherside mint in this live blog.
ApeCoin Spend Preapproval (9:00 a.m., ET)
The first event of the day is slated to go live at 9:00 am ET. Users who had completed the know your customer requirements (KYC) can preapprove interactions with the Yuga Labs smart contracts which will spend their ApeCoin during the mint process.
Users will have up to 12 hours to preapprove their wallets for spending, helping them to avoid any timely or costly errors as network congestion starts around the official launch at 9:00 pm ET.
At 9:16 am ET, @OthersideMeta confirmed that the process for preapproving wallets to interact with the Yuga Labs smart contracts was live.
You can now pre-approve your KYC’d wallet to spend ApeCoin at https://t.co/UWRD4dO4k9. Pre-approval will be open until 9pm ET tonight, at which point minting opens. 🧵— OthersideMeta (@OthersideMeta) April 30, 2022
Users must create a small paid transaction to approve that Yuga Labs may later use the ApeCoin within for the purchase of an Otherdeed NFT.
Otherside added to its original tweet, sharing that any user who preapproved during the 9:00-9:15 am ET window is only preapproved to spend an allowance of 1500 APE. If a user is wishing to spend more than 1500 APE, they must run through the preapproval process again.
OpenSea Teases Otherside NFT Purchases in $APE
After teasing the NFT community on Friday night, OpenSea doubled down on tweets referencing ApeCoin and Otherside NFTs. But minutes later in a reply, seemingly debunked that Otherside or Otherdeed NFTs would be purchasable exclusively in APE.
We’ve got you: use $APE….and ETH, of course ;)— OpenSea (@opensea) April 30, 2022
Advanced Gas Settings, 4:30 p.m., ET
As we approach tonight's drop, one thing to consider is your MetaMask's gas settings. Should you wish to set a higher default gas value ahead of time, here is a helpful thread that will walk you through that process.
MAYC $APE Sale, 7:08 p.m., ET
As $APE has been approved for purchases on OpenSea, we are seeing the first transactions come through using ApeCoin. Mutant Ape #5973 was sold for 5,500 $APE (~$110k).
UNVERIFIED: Otherdeeds OpenSea Link, 7:29 p.m., ET
Though not yet confirmed by Yuga Labs, the Otherdeeds OpenSea link appears to be live at https://opensea.io/assets/otherdeed. Before tonight's drop, the collection holds 15,000 NFTs that will presumably be airdropped to Ape holders or special contributors.
We can gather a bit more information from the Otherdeeds profile page on OpenSea.
For example, this page indicates that Otherdeeds NFTs are exactly that - deeds. These deeds are used to redeem land in the Otherside Metaverse. The description reads on, "each [Otherdeed] has a unique blend of environment and sediment - some with resources, some home to powerful artifacts. And on a very few, a Koda roams."
Collection Details, 8:43 p.m., ET
After a refresh of the otherside.xyz website, an expansive FAQ section was exposed. One of the questions..."Is this mint the only chance to get an Otherdeed or participate in the Otherside?"
The answer - No.
"The Otherside contains 200,000 unique plots of land that can be claimed with Otherdeeds when Otherside launches. The first 100,000 Otherdeeds are available on April 30, 2022. The biomes featured in the next 100,000 Otherdeeds have yet to be revealed."
Reveal Details, 8:47 p.m., ET
In the FAQ on the latest update of otherside.xyz it was confirmed that Otherdeed NFTs would be revealed and users would be able to explore the Otherside Map within 24 hours of the public mint.
Interoperability, 9:10 p.m., ET
According to the "Interoperable" section of the FAQs listed on the official Otherside website, BAYC, MAYC, BAKC and CryptoPunk holders "will be provided with Otherside-ready 3D models of their NFTs at game launch, available as playable characters." Meebits are also expected to be supported, though they are listed separately. Holders of other NFT collections will be "able to import and create your own characters via the SDK."
This story is developing. As more details come in, Lucky Trader Staff will update this article appropriately.
Dynamic NFTs, 9:25 p.m., ET
The FAQ from the recent update to otherside.xyz indicates that all Otherdeed NFTs are dynamic NFTs, including data like elements, resources, and Kodas. Each Otherdeed NFT is designed to evolve as the Otherside evolves.
Inadvertent Sale, 9:32 p.m., ET
In an apparent error, a user mistakenly listed an Otherdeed NFT for 0.741 ETH. The buyer paid more than $12,000 (approximately 4.75 ETH) to snipe the listing as it hit the secondary market. With the current floor price of Otherdeed NFTs around 4.75 ETH, the buyer is currently at a net loss after the transaction fee and NFT price.
Rarity Info, 9:41 p.m., ET
The new Otherside website loaded right before the mint has details about the land and its possible inhabitants, including information on what makes a land plot unique. It also has information on yet-to-be-revealed items such as treasure and resources which each piece of land includes.
So what makes land rare?
- Land tiers. There are five tiers of land, ranked from one to five: slime, swamp, obsidian, gold and acid, respectively. There are five “sediments” that the land is built on: Biogenic Swamp, Chemical Goo, Rainbow Atmos, Cosmic Dream, and Infinite Expanse.
- Kodas. There is no more information on the mysterious Kodas, but there are photos of the characters, which will show up randomly in land.
- Resources. There are four resources (Anima, Ore, Shard, and Root) each piece of land can possibly contain, with varying rarity.
- Artifacts. Rare objects randomly placed in land.
Gas, Minting Update, 9:51 p.m. ET:
Gas is near 5,200 gwei with almost 20,000 minted. There has also been more than 20,000 ETH (about $55 million) burned.
Yuga Not The Only Coveted NFT, 10:15 p.m. ET:
While the Otherdeeds sale is going on, there are still purchases happening across the NFT landscape like this Art Blocks sale. A wallet bought Anticyclone No. 380 for 1.8 ETH but paid more than 1.58 ETH in gas due to the high gas.
Otherdeed Contract Burn Update, 10:31 p.m. ET
Nearly 90 minutes into tonight's Otherdeeds mint, the contract now ranks #12 all-time in terms of total ETH burned, according to ultrasound.money. gwei prices have remained consistenly above 5,000 throughout the drop.
Secondary Market Moving Despite Gas, 10:31 p.m. ET
Despite the high gas prices, there have still been sales on the secondary market with OpenSea showing more than 5,800 ETH in volume. The floor is near 5.8 ETH and a typical buyer is paying around 1.5 ETH in transaction fees.
Sold Out! 11:38 p.m., ET
The Otherdeed public mint has now completed. The drop lasted a little over 2.5 hours and burned over 50k ETH.
Yuga Makes a Statement, Midnight ET
Yuga Labs apologized for “turning off the lights on Ethereum” in a Twitter thread after its 55,000-edition Otherdeeds NFT sale burned more than 54,000 ETH in gas. The NFT company went on to blame Ethereum for failed transactions due to its "bottleneck" and even hinted at creating its own blockchain.
“This has been the largest NFT mint in history by several multiples, and yet the gas used during the mint shows that demand far exceeded anyone’s wildest expectations. The scale of this mint was so large that Etherscan crashed," said Yuga Labs in the thread. "It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale."
Thanks for following our coverage tonight! That will wrap up our live blog, but keep your eye on the Lucky Trader Newsfeed for further updates in the days ahead.