Something awful is going on at the BAYC NFT, a year-old NFT collection held by Yuga Labs, a blockchain tech company. Bad things tend to happen on a regular basis in the NFT space and the cryptocurrency ecosystem as a whole, which are both unfortunately frequent targets of multimillion-dollar hacking operations and similarly expensive scammy shenanigans. Yuga Labs most recently added to the blood in the sea with its Otherdeed for Otherside collection, an NFT-related game project that saw customers lose thousands of dollars in botched transactions before becoming scam prey once more. According to the data found, BAYC NFT may be in trouble.
Yuga Labs’ Otherdeed collection was characterized on OpenSea as “the key to claiming territory in Otherside,” a play-to-earn gaming business backed by the new cryptocurrency ApeCoin. According to a report by The Verge, Otherside is a massively multiplayer online role-playing game with few publicly available facts. It was supposed to launch in April but has yet to do so. Some stories have used the term “metaverse,” but based on Otherside’s opaque (though high production-value) trailer, it’s unclear what the project would include beyond bringing together holders of NFTs from various sources, including CryptoPunks and World of Women, as well as BAYC.
BAYC NFT fans are in trouble.
Though more information on the BAYC video game is still unavailable, the project has so far failed to earn anyone’s affection. The Otherdeed sale, which began on April 30 and was dubbed “the largest NFT mint in history” by Yuga Labs, caused a buildup on the blockchain. The NFTs could only be created in ApeCoin, which resides on the Ethereum blockchain. Therefore, demand drove up Ethereum’s transactional “gas fees.” Some customers were charged up to $14,000 in petrol fees, while others were continuously charged gas even if their Overdeed transactions were unsuccessful.
Yuga Labs noted on Twitter that “we are aware that some users had failed transactions due to the huge demand being put through Ethereum’s bottleneck.” “We appreciate your desire to build alongside us, and we’ll be refunding your petrol.”
Yuga Labs then announced on May 4 that it had “refunded gas expenses to everyone who made a transaction that failed to pay due to network difficulties caused by the mint.” However, according to multiple responses, not everyone has gotten a refund. And, just to rub BAYC fans the wrong way, a phony Otherside website defrauded some holders of NFTs worth $6.2 million.
Some changes in the NFT art
In fact, some NFTs resemble intricate Minecraft blocks with organic, earthy motifs, while this one appears to be coated in cartoon crap. Although we don’t know how important property ownership is to Otherside as a project, the art emphasizes the sense that consumers are getting land plots with their purchase. Yuga Labs has yet to reveal what such descriptors represent for NFT holders or Otherside as a game. Except for “Koda,” of course. These are sprite-like original characters; one may be seen flying with the protagonist of the Otherside trailer over volcanoes. Kodas is exactly the type of Web3 innovation that one hopes to see in gaming. Mushroom men are worth tens of thousands of dollars for no reason other than they resemble KAWS figures. People, this is the future!
Despite the massive financial losses suffered by some holders and would-be buyers, the authentic Otherdeed collection continues to sell. Otherdeed has made $791,688,432 in sales for Yuga Labs, or 271,425 ETH, according to the NFT ranking site CryptoSlam! On the official Twitter account for Otherside, the conversation appears to be dominated by individuals chatting about their Kodas and how some of them can fart. Everything is back to normal.