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.
The Otherdeed NFT Mint has sold out – we are overwhelmed by today’s demand. Apes and Mutants, the start of the 21-day claim period will be postponed until the price of gas has fallen to a reasonable level. We will tweet when the claim is opened. https://t.co/iRz64lklbv
— OthersideMeta (@OthersideMeta) May 1, 2022
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.
Tbh I would rather have the land than the gas reimbursed. I woke up at 5am my time, registered at 6am when I could. I had 1.4e ready and 610 ape. I set everything right on the initial transaction pending for the entire duration of the sale. I wish you earlier closed entries
— dontfeedthewolf.eth (@dontfeedwolfeth) May 1, 2022
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.
We wanted to say a few words about the mint tonight. 🧵
— Yuga Labs (@yugalabs) May 1, 2022
Yuga Labs refunds gas fees for users faced with failed transactions. The company sent the refunds to the wallets used for the initial transactions.
Well done folks, that’s a step forward 🙏🏾
— Remy Ryy (@Ryy_Wills) May 4, 2022
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.
