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Within 24 hours, Yuga Labs Sees $561 Million in Otherside Ethereum NFT Sales

Etherscan crashed as a result of the excitement, and Ethereum gas fees skyrocketed to hundreds of dollars per transaction.

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#nft #nfthours #apecoin

On Saturday night, the $4 billion firm behind the Bored Ape Yacht Club (BAYC), Yuga Labs, held its much-anticipated Otherside metaverse mint, clogging the Ethereum main net bringing gas prices to new highs.

Yuga Labs has made almost $561 million from the Otherside’s “Otherdeed” NFT sales in less than 24 hours.

55,000 NFTs were created at 305 APE apiece, implying that each Otherdeed cost around $5,800 at minting, based on Apecoin’s pricing (roughly $19). This mint alone brought in approximately $318.7 million for Yuga Labs.

Otherdeed has already seen over $242 million in total secondary volume moved, according to CryptoSlam data. Over $190 million of that total was spent on OpenSea.

The Otherdeed mint, which started at 9 p.m. EST on Saturday, sparked an Ethereum gas war almost immediately because of many NFTs and increased demand. In addition, the site Etherscan received a lot of traffic, which led to reports that it wasn’t working for many people.

On proof-of-work chains like Ethereum, gas wars can arise when a surge in demand for quick transactions clogs the network, driving up costs as users strive to get to the front line.

Ethereum gas fees can skyrocket during such gas wars, and last night was no exception, with fees soaring to thousands of dollars per transaction.

While some people were able to get their transactions approved in hours for a few hundred dollars in petrol expenses, others claimed to have paid upwards of $4,000 for a single transaction. (Throughout the night, the average gwei, or price of Ethereum gas, was over 6,000, nearly 100 to 200 times typical.)

At the time of writing, Otherside-related transactions had consumed almost 64,000 ETH in gas fees, amounting to nearly $180 million. However, some have suggested that the costs would not have been so high if Yuga Labs had performed a few back-end optimizations.

The Otherdeed smart contract has “almost zero gas optimizations,” according to Will Papper, co-founder of SyndicateDAO. He said that “changing a few phrases would have saved $80 million or more” in petrol fees.

Vitalik Buterin, co-founder of Ethereum, offers a different perspective.

He remarked of the Otherside mint, “I don’t think optimizing the contract would help. Regardless of contract terms, the tx cost increases until the list price + the tx fee equals the market price. The equilibrium gas price would have been >12000 gwei instead of 6000 gwei if gas usage per purchase had declined 2x.”

Yuga Labs has since offered to compensate anyone who has had transactions fail.

Those holding BAYC or Mutant Ape Yacht Club NFTs, on the other hand, will be allowed to claim Otherdeed NFTs over three weeks, allowing them to avoid paying hefty gas expenses.

Some have chastised the Otherdeed NFTs, claiming that they are the first Yuga Labs assets that do not offer complete economic rights to their owners.

Holders of BAYCs have mixed feelings about the chaotic mint. Some accused the Ethereum network of the high costs and sluggish transactions, while others blamed Yuga Labs’ Otherdeed smart contract and mint policy. ApeCoin is down over 24 percent in the last 24 hours and down 12 percent since the Otherdeed NFT mint began, according to CoinGecko data.

Garga, a co-founder of Bored Ape. According to eth, the Otherdeed mint was a “sour moment” for the NFT community.

“Tonight did not go as planned. “I’d want to apologize to the apes and everyone else who excitedly awaited their chance to participate in the project,” he stated on Twitter.

Yuga Labs also expressed regret for “turning off the lights on Ethereum for a period,” claiming that ApeCoin will “need to relocate to its chain to scale effectively.”

Lin Dai, CEO of NFT platform OneOf, had harsh words for Yuga Labs and Garga after the wild mint.

“Decentralization should never be used to excuse centralized venture-backed enterprises making bad judgments,” Dai remarked. “It’s time to take charge and be accountable to the community.”

NFT

Could this trademark application indicate that PayPal is developing an NFT market? 

A trademark application for blockchain and cryptocurrency technology has been submitted by PayPal. Some claim that the file has something to do with Web3 and the metaverse, although it may be tied to an NFT marketplace.

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A recent trademark application by PayPal has been found, and it suggests the development of a service pertaining to several facets of blockchain technology. The file, which was made on October 18, makes a notable allusion to the potential introduction of a non-fungible token (NFT) market.

For its logo, PayPal submitted two trademark applications. The first one concerns “downloadable software” for cryptocurrency trading and storage. The second discusses cryptocurrency-related payment processing services.

Although users may currently buy cryptocurrencies on PayPal’s platform, this filing suggests that there may be more to come. The concept of assets is substantially broader in the filing’s terminology. Mike Kondoudis, a trademark lawyer licensed by the USPTO, claimed on Twitter that this filing relates to NFTs and the metaverse.

Although there is no proof to support this, it would not be shocking if it were true. The finance business would be adding its name to a lengthy list of businesses that are starting to make inroads into the Web3 and metaverse spaces.

PayPal is investing more in cryptocurrency.
Over the past two years, PayPal has intensified its focus on cryptocurrencies. First, the company made a huge announcement for the industry by saying that consumers would be able to purchase cryptocurrency on its platform.

However, it didn’t start enabling users to move those funds into wallets outside of the network until recently. It indicated that it would roll out additional crypto-related features in the latter part of last year. One of those additions might be an NFT marketplace.

It teamed up with Coinbase’s TRUST network more recently. This was viewed by many as an endorsement of the sector. The TRUST network upholds consumer security and privacy while adhering to the banking industry’s Travel Rule.

Increased Criticism of Payment Giant
Additionally, PayPal has been in the spotlight for all the incorrect reasons. The business has recently come under fire for a contentious policy that penalized users for disseminating false information. Later, it claimed that false information was released with the amended policy. Crypto aficionados, however, were eager to point to this as evidence of the value of decentralization.

PayPal established a blockchain and cryptocurrency advisory committee earlier this year. According to the company’s management, working with governments is essential to overcoming obstacles and seizing possibilities.

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NFT

Seba Bank, a cryptocurrency company, aims to store valuable NFTs

Seba Bank, a cryptocurrency company, has launched its first NFT service, a blue-chip NFT-specific institutional-grade, certified, and independently audited hot and cold storage custody product.

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The launch comes in response to requests from customers to keep their NFTs with the bank alongside other crypto assets, such as the already-approved Bored Ape Yacht Club, Cryptopunk, and Clone X NFTs. The bank stated that new collections would be added based on customer demand.

With its newest offering, Seba Bank seeks to entice investors who view NFTs as an asset class and crypto natives. Not your keys, not your bitcoin is a well-known phrase in the crypto sphere, and adherents of this maxim could object to having their Apes or Punks stored with a third-party custodian.

Urs Bernegger, co-head of markets and investment solutions at Seba Bank, however, highlights a growing group of NFT holders who are more at ease handing up their NFTs and private keys to a company.

They don’t want the key because they aren’t even aware of how to handle and store it. He claimed that they’re more concerned with damaging the key than giving it to a bank.

It’s a significant issue. Between 2.3 million and 3.7 million bitcoins, according to Chainalysis, are trapped in inaccessible wallets. Numerous accounts of people have lost millions owing to losing private keys, including Russian officials, students, and engineers. Families have also been prevented from accessing substantial quantities of money following sudden deaths in which wallet owners had not disclosed their private keys.

Bernegger asserts institutional custody can be advantageous for native crypto users as well. There has been an increase in businesses providing services that employ NFTs as collateral for conventional banking services like loans.

Seba Bank is thinking about implementing these features in the future. Based in the crypto-friendly Swiss town of Zug, the four-year-old bank already backs several investing, credit, lending, and staking options for cryptocurrencies and might extend them to NFTs.

“Instead of traveling to the market, for instance, we could create a club for collectors and assist them in finding other collectors. There are a few things we have in mind, but we laid the groundwork by storing NFTs securely at first, “explained he.

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The NFT album maker for Kings of Leon now includes a metaverse music venue

YellowHeart, a Web3 ticketing startup, is opening a metaverse music venue in an effort to transform how performers, teams, and event organizers distribute tickets and interact with fans.

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The facility, constructed on Spatial, will feature Grammy-nominated blues musician G.Love as its opening act later this year. Fans can communicate with one another, participate in meet-and-greets before and after performances, and use several screens to view what is happening in various areas of the stadium simultaneously.

They will soon be able to order meals and drinks before the event, which will also be available as digital things.

The idea of an online concert has so far primarily been popularized by big gaming companies. The most well-liked virtual competitions have occurred on sites like Fortnite and Roblox. Ariana Grande’s Fortnite concert in August 2021 received 78 million viewers. Next month, Decentraland will host its second Metaverse Music Festival. Over 100 musicians are on the lineup, including well-known performers like Ozzy Osbourne and Soulja Boy.

In addition to throwing an event, YellowHeart, which assisted Kings of Leon in releasing an NFT version of their most recent album, stated that it hoped to accomplish more. It was established in 2017 with the lofty goal of revolutionizing the music ticketing sector as a whole, which has historically been dominated by powerful reselling organizations and exclusive ticketing relationships. These alliances frequently impose limitations on what purchasers can and cannot do with their tickets. Trying to resell a ticket for a concert you can’t go to might be a headache.

YellowHeart believes these issues can be resolved by returning control to artists and fans via web3 technology. Additionally, it may provide advantages that cannot be programmed into conventional tickets.

“These range from complete albums to personalized vinyl records, exclusive merchandise, and immersive visual art. Web3 tickets also allow performers to update fans on new tour dates, music releases, giveaway possibilities, and much more, according to the business.

It has already collaborated with well-known figures, including Julian Lennon, Maroon 5, and MGM Resorts. Contrary to the non-NFT versions offered on Spotify, iTunes, and other platforms, those obtained through YellowHeart entailed particular customer benefits.

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