ApeCoin sees declines despite Otherside’s raging success, what’s going on

ambcrypto.com:

Yuga Labs‘ Otherside Metaverse massive success might have just stolen Apecoin‘s (APE) thunder. Here, the latter suffered a massive 27% correction and is still on the decline as per CoinMarketCap. So what just happened?

Yuga Labs’ Otherside Metaverse issued its first NFT drop to wild success. Charging 305 APE tokens for each of 55,000 Otherdeeds, Yuga Labs brought in more than $310 million. In fact, the Otherside metaverse project sold out all the available 55,000 Otherdeed land NFTs within three hours of its public sale. Investors scooped up all the NFTs in an offering that accepted only ApeCoin cryptocurrency.

— OthersideMeta (@OthersideMeta) May 1, 2022

At 305 APE apiece—which traded for just under $20 at the time of the mint—the drop brought in over $310 million into Yuga’s coffers. Likewise, given the sheer demand, the said project stood at the #1 spot on OpenSea at a floor price of 7.7 ETH.

Source: OpenSea

The buyers had to pass a Know Your Customer (KYC) verification and had their crypto wallets pre-approved on the project’s website.

As a highly anticipated NFT release, the Otherdeed mint caused gas fees on the Ethereum blockchain to soar to 8,000 GWEI, according to data from Etherscan block explorer. The mint consumed over $177 million in gas fees and given the demand for the NFTs, at one point, Etherscan crashed.

Talking about the impressive stats, here’s another one. According to ultrasound money data, more than 20,000