Is NFT Ecosystem in Trouble?
Another set of non-fungible tokens, called Otherdeeds, was issued by Yuga Labs, the firm behind the Bored Ape Yacht Club (BAYC) family. These tokens are intended to offer holders access to a new metaverse territory.
With the release of BAYC ‘Otherdeeds‘ yesterday, we experienced one of the busiest weekends in the NFT Ecosystem this year. Due to excessive demand and many unsuccessful transactions, almost $200 million worth of ETH was either lost or burnt. Ethereum miners are seen as the sole beneficiaries of yesterday’s surge in the price of virtual currency.
Dispute with the Mint on the Other Side of BAYC
For the last several months, Yuga Labs has been teasing the sale of their property with visuals. The gold minted the other day was for actions that would eventually lead to the Otherside.
Yuga Labs is now under fire for its decision to use mint mechanics. There was an agreement among community members that Yuga should have taken a cue from Moonbirds. They debate that a Premont lottery for qualifying wallets would’ve made more sense. In this way, gas wars may have been avoided, and an equitable solution could have been found.
The worst-case scenario for people was to acquire 610 $APE to mint two Otherdeeds and then have the transactions fail. That was the unfortunate truth for many potential customers.
During the course of the day, the mint depleted the NFT ecosystem of around 317 million dollars. The NFT ecosystem, according to some, is at risk as a result of this. Because of all of the failed deals, there is a tendency to create illusions of progress.
Some individuals fear that non-financial technologies (NFTs) are becoming more out of reach for the little man. Those who did not have an extra 2.5 ETH for gas were unable to participate in the Otherdeeds minting operation. All that Web3 is concerned with is ensuring that everyone has equal access to new opportunities.
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