Yuga Labs rejected to hold Dutch auction for NFT sale
Otherdeed’s non-fungible tokens will be auctioned at a fixed price of 305 ApeCoin
29.04.2022 - 15:45
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What’s new? Yuga Labs, the creator of the NFT collection Bored Ape Yacht Club, has rejected the Dutch auction of non-fungible tokens in the Otherside metaverse. The Dutch auction involves bidding, where the bid is reduced from the maximum until an offer is received from the participants. Instead of auctioning, Otherdeed’s NFTs will be put up for sale at a fixed price of 305 ApeCoin (APE).
What else did the company representatives say? The blog states that 55 000 Otherdeed will be available for purchase. If all the tokens are sold out, it will bring the team $379,5 million. Only users who have passed KYC (Know Your Customer) verification and hold APE in verified wallets will be allowed to purchase. One account will be able to buy no more than two Otherdeed NFTs.
What is known about Otherside? It Is a blockchain-based metaverse from Yuga Labs, the creator of popular NFT collections such as Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC). The company raised $450 million in a seed funding round led by venture capital fund Andreessen Horowitz (a16z) to develop the Otherside metaverse.
What happened before? On April 25, the lowest price of a token from the Bored Ape Yacht Club NFT collection reached a record high of 137,8 ETH ($385 700 at the exchange rate on April 25). This came after the collection’s creator, Yuga Labs, state the imminent launch of the metaverse. It is scheduled for April 30.
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