It sounds like CrypoKitties all over again…with craze for the $APE Metaverse dubbed Otherside congesting Ethereum
Let’s face it, at this point Bored Ape Yatch Club throws the best parties and everyone wants in. Their latest party was the drop of their new Metaverse land project, Otherside, and everyone wanted in…and people were willing to pay up a hefty amount to get their hands on the newest digital land.
The parcels of lands in this metaverse, known as Otherdeeds, were listed to sell at a flat price of 305 $APE (ApeCoin) which at the time was around $5,800 per plot of land. Otherside was one of the most anticipated metaverse projects given the massive success of Yuga Labs and BAYC, which led to a gigantic congestion of Ethereum (remember CryptoKitties, anyone?). But as with any purchase on Ethereum, don’t forget about paying for those gas fees, which in this case ended up being around 2.6 ETH to 5 ETH alone. That means people were paying $6,500 to $14,000 alone just to complete a transaction to purchase a plot of land, which was more than the cost of the land itself.
Yuga Labs issued a tweet addressing the chaos, but it has been poorly received by crypto aficionados. A critical response by @0xfoobar explains sentiment shared by much of the crypto community: