As per a blog post, Yuga Labs’ upcoming sale of NFTs for its Otherside metaverse will not employ a Dutch-style auction.
Mint will be Dutch auction style, so the ApeCoin price will decline over time. The starting price of the Dutch auction will be announced later this week.
— OthersideMeta (@OthersideMeta) April 25, 2022
Initially, the project planned to use an auction, which often entails a bidding battle in which the asking price starts off higher, and then it drops until the sale of the items is complete.
The post further elaborated that “they do not successfully mediate demand, nor do they really negate gas wars in highly-anticipated mints,” meaning that Dutch auctions do not tackle problems and find solutions even though it falls under their purview.
The agreed-upon date and time for the Otherdeed NFT auction to commence are set for Saturday, April 30 at 21:00 ET. Additionally, more time has been given for the ApeCoin (APE) pre-approval since the tokens will be used for NFT acquisition in the auction.
Despite the fact that the team has yet to provide clarification on what exactly are the Otherdeed NFTs, they have been rumored to be individual land plots in the Otherside metaverse for a while now. Yuga Labs, the developers of the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFT collections, are launching the Otherside metaverse.
Instead of holding an auction, the project stated that it will sell Otherdeed NFTs for 305 ApeCoin (APE) which will be a fixed price for the NFTs. At the time of publication, this sum was equivalent to $6,900.
According to the blog post, 55,000 Otherdeeds will be ready for mint, and should they sell out, the team will get a hefty payday of $379.5 million. Eligible for participation in the sale over the weekend will be only those individuals who have successfully completed Know Your Customer (KYC) authentication and have ApeCoin (APE) in their pre-approved wallet. According to the publication, each wallet can purchase up to two Otherdeed NFTs.