ApeCoin has rallied over 10% amid a surge in purchases by investors and whales and the rising popularity metaverse project, the Otherside; something that has advised Apecoin’s decision to cancel the auction of Otherside.
At the time of writing, ApeCoin was trading at $22.86, up 13.39% after dropping from a daily high of $26.91.
The cancelation of the auction of Otherside by Yuga Labs has been the greatest reason why the price of ApeCoin, a cryptocurrency launched by Yuga Labs, is rising today.
Otherside auction cancellation by
Yuga Labs
One of the main reasons that have attributed to the rally is after Yuga Labs Otherside metaverse project called off their planned Dutch auction for the Otherside metaverse project land sale. The decision was reached after they failed to mediate gas war and demand.
During Dutch auction-style sales, prices are determined after analyzing all the possibilities of the total offering reaching the highest price.
Otherside announced via Twitter that the gas war increased with Dutch sales, besides, one of the largest and high demand NFT mint, Otherdeed (BAYC’s new project), the gas price could increase substantially 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
Reducing gas fee of Otherdeed NFT
To reduce the massive gas fee, there is a need to reduce the high gas fee without lowering the wide distribution of the NFTs, therefore there will be a limit of minting only 2 NFTs per wallet when the sale starts but the rate will be increased as the minting process continues.
The cost of each Otherdeed NFT will be 305 ApeCoin (APE) and 55000 Otherdeed will be made available for purchase by Know Your Customer (KYC) wallets, however, users will have to complete the KYC to participate in the sale.
The price of each NFT was also featured in the Otherside teaser video, the ‘’305’’ figure is also the code for Miami.
https://coinjournal.net/news/apecoin-rallies-over-10-today-after-yuga-labs-cancels-otherside-auction/
