If you didn’t already know, we had one of the biggest weekend in the NFT space this year with BAYC ‘Otherdeeds’ minting yesterday. Over $200M worth of ETH was burned due to all the failed transactions that happened. Sentiment is that the only winners from yesterday is Ethereum miners.
The worst case scenario for individuals was buying 610 $APE to mint 2 Otherdeeds and receiving failed transactions.
Yuga Labs had been teasing their land sale with graphics for a couple months now. The mint yesterday were deeds that will lead to Otherside land when the drop time comes.
BAYC Controversy With The Otherside Mint
Yuga Labs is facing negative backlash right now for the route they took with mint mechanics. Community members felt as though Yuga should’ve done something similar to what Moonbirds did. They should’ve used Premint to raffle mint spots to all the wallets that KYCed. This would’ve created an equitable solution and gas wars would’ve been saved.
The mint yesterday took approximately $317M out of the NFT ecosystem. Some are of the opinion that this is ruining the NFT space. It kills other projects momentum and creates a bad look as all the failed transactions took place.
Another notion going around is that, NFTs are moving towards being inaccessible for the “little guy.” For the Otherdeeds mint, people without an extra 2.5 ETH for gas were unable to mint. Furthermore, the ones who can afford that were able to mint and others who couldn’t, missed the opportunity. Web3 is about everyone having an equal chance and playing field when it comes to new opportunities.
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