TechNeoTechNeo
  • Tech
  • Finance
  • Gaming
  • Entertainment
  • Reviews
  • Contact
Facebook Twitter Instagram
TechNeoTechNeo
YouTube Instagram Facebook Twitter
  • Tech
  • Finance
  • Gaming
  • Entertainment
  • Reviews
  • Contact
TechNeoTechNeo
Home»Entertainment»Yuga Labs Hints at Creating Ethereum Competitor: “ApeChain”
Entertainment

Yuga Labs Hints at Creating Ethereum Competitor: “ApeChain”

techneoBy techneoMay 5, 2022Updated:May 5, 2022No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
apecoin yuga labs otherside
Share
Facebook Twitter LinkedIn Pinterest Email

Yuga Labs, the company behind Bored Ape Yacht Club, has made the news yet again regarding the release of their new NFT project: Otherdeed for Otherside. Otherside is Yuga’s highly anticipated metaverse platform that is suspected to become the most popular game in the web 3.0 space. Otherdeed NFTs act as digital representations of different plots of land within the game.

Otherdeed for Otherside NFT Collection on Opensea.io

This land drop is considered to be the largest mint in NFT history, according to Yuga Labs. There were 55,000 plots of land sold for a staggering $320 million.

The game looks to bring together the likes of the Bored Ape Yacht Club, CryptoPunks, Cool Cats and other blue chip projects. Otherside has been hotly anticipated by NFT enthusiasts since Yuga released the trailer announcing it in March. There was no better demonstration of that anticipation than the chaos that unfolded on April 30th with the release of the first wave of Otherdeed NFTs. These NFTs sold for 305 ApeCoin each, not including gas fees.

See you on the Otherside in April. Powered by @apecoin pic.twitter.com/1cnSk1CjXS

— Yuga Labs (@yugalabs) March 19, 2022
The official trailer for Otherside

While the demand for Yuga Labs’ latest collection was anticipated, what was truly unprecedented was the havoc it wreaked on Etherscan.

Gas fees rocketed to a price of $7,000 for a single mint, causing network issues for several hours. One user paid up to $44,000 in Ethereum gas fees alone. The high traffic Etherscan was experiencing caused many user transactions to fail. This resulted in high gas fees and no land to show for it due to the failed transaction. This enraged many in the community who had high hopes that they could get their hands on an Otherdeed NFT. A disgruntled twitter user wrote “I’m out on Yuga. Lost over half of my NFT portfolio in the last couple days trying to get Ape for this because they told us it would be achievable. They lied to us. Cost me over $10k and now I can’t even sell this plummeting $Ape for half what I paid for it. I’m gutted.”

I’m out on Yuga. Lost over half of my NFT portfolio in the last couple days trying to get Ape for this because they told us it would be achievable. They lied to us. Cost me over $10k and now I can’t even sell this plummeting $Ape for half what I paid for it. I’m gutted.

— JungleGoat.eth (@JungleGoat) May 1, 2022
@JungleGoat complaining to Yuga Labs on Twitter

The community outrage led to Yuga Labs refunding those who paid for failed transactions, but many were still upset about the fact they weren’t able to score a land NFT.

  During this time, Yuga Labs took the opportunity to point out that, in the future, ApeCoin might possibly need to run from its own blockchain to properly meet this high demand. This displeased some users who saw the recent land drop as a purposeful sabotage from Yuga to promote their own future blockchain which many speculate will be called ApeChain. Many pointed out that Yuga Labs themselves were to blame for the Ethereum crash and that the situation could have been handled better on their part. One Twitter user spoke up: “You wrote a terribly unoptimized contract, created a gas war, lied about dutch auction mechanics to pump your own narrative, and hid how many wallets were eligible. Maybe get a solidity dev before you go around trying to create BSC 2.0?”

We're sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We'd like to encourage the DAO to start thinking in this direction.

— Yuga Labs (@yugalabs) May 1, 2022
Yuga Labs’ statement regarding the Otherdeed mint

One of the biggest takeaways from the pandemonium that occured on Saturday is the discourse surrounding the proof of work system that Ethereum implements.

Those in the NFT space believe that the system leads to what many refer to as “gas wars.” Wealthy collectors will jack up the price of gas fees, leaving average people unable to compete. Simply put, many see proof of work as a borderline archaic system. Vitalik Buterin, the creator of Ethereum, has shared this sentiment. He hopes that Ethereum can soon implement an alternative ‘proof of stake’ system in the future.

Proof of stake is part of the solution; it makes ethereum a fundamentally different class of thing, which I think will be healthy in the long run.

— vitalik.eth (@VitalikButerin) December 27, 2017
Ethereum founder, Vitalik Buterin, on proof of stake

In a proof of stake system, validators are determined less so by their computer’s power and more on the amount of tokens they hold in said blockchain.

Not only does this reward existing investors in a certain token, but it is also much more energy efficient. Ethereum had been planned to merge into a proof of work system in June of this year, however, this has been delayed. With recent Etherscan issues, it might be better for Ethereum to implement these changes sooner rather than later.

Hot take: Yuga knew their planned drop would be a gas guzzler and it was part of a plan to explain why they need to make ApeChain

— andy (@andy8052) May 1, 2022

It’s abundantly clear that Otherside is going to be one of the biggest players in the metaverse gaming ecosystem. Its growing popularity will only put more pressure on the Ethereum blockchain. If Ethereum continues to delay the merge to proof of stake it could see “ApeChain” become one of its biggest competitors. After all, the success of Yuga Labs’ endeavors, such as the famous Bored Ape Yacht Club, have previously exceeded expectations.

Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
Previous ArticleDollar Cost Averaging: A Low Risk Strategy for Crypto Investing
Next Article Our Mega List of Father’s Day Gadgets
techneo
  • Website

Related Posts

Dollar Cost Averaging: A Low Risk Strategy for Crypto Investing

February 1, 2022

ApeDAO Faces Liquidation as Investors Vote on New Proposal

January 30, 2022

Ark Invest Report Predicts Bitcoin to $1M and Ethereum to $180,000 by 2030

January 29, 2022

YouTube CEO Announces Future NFT Integration on the Platform

January 26, 2022

Comments are closed.

Facebook Twitter Instagram Pinterest
  • Twitter
  • Instagram
  • Facebook
  • YouTube
© 2023 ThemeSphere. Designed by ThemeSphere.

Type above and press Enter to search. Press Esc to cancel.

Manage your privacy

To provide the best experiences, we and our partners use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us and our partners to process personal data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.

Click below to consent to the above or make granular choices. Your choices will be applied to this site only. You can change your settings at any time, including withdrawing your consent, by using the toggles on the Cookie Policy, or by clicking on the manage consent button at the bottom of the screen.

Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Statistics

Marketing

Features
Always active

Always active
Manage options Manage services Manage vendors Read more about these purposes
Manage options
{title} {title} {title}
Manage your privacy
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these cookies will allow us to process data such as browsing behavior on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
Manage options
{title} {title} {title}