Yuga Labs’ Otherdeeds NFTs are already selling below their original purchase price on OpenSea due to waning interest, Bloomberg News reported.

After the much-anticipated minting, during the Yuga Laboratories made $320 million, interest in the NFTs has waned, prompting many buyers to attempt to cash out ano loss.

Many deposited up to $6000 ether (ETH) gas fees. Add that to the actual cost of the NFT, which was $5,800, and the total cost is around 4.21 ETH. But some buyers are now offering them for sale on OpenSea for as little as 2.1 ETH.

That being said, the NFT sales are the biggest ever with 55,000 NFTs sold out.

But it seems that not everyone is happy with how things have turned out. A crypto investor and author, Aaron Brown, said:

I think the Otherdeeds sale was botched, leading to user backlash. It remains to be seen if it can regain users’ trust and enthusiasm.

Most of the backlash seems to stem from the high gas fees and failed transactions.

Yuga Labs Response

Yuga Labs acknowledged some of these issues in its post-mint tweets. It claimed that it tried to prevent some of these issues by setting a clearing price, capping Mint at two per wallet, and implementing an on-chain KYC gating mechanism.

Yuga Labs refunds gas fees for users faced with failed transactions. The company sent the refunds to the wallets used for the initial transactions.

Yuga Labs also stated that there is a need for it ApeCoin to have your own chain.

We’re sorry we’ve shut down Ethereum for a while. It seems perfectly clear that ApeCoin needs to migrate to its chain to properly scale. We would like to encourage the DAO to think in this direction.

Aside from the high gas fees, another reason that could account for the fall in value of Otherdeeds NFTs is the fall in price of ApeCoins. Having traded as high as $27 prior to minting, the token is currently trading at $16.

Posted in: Ethereum, NFTs



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