Yuga Labs, in a blog posting on Friday morning announced it would be abandoning the Dutch-styled auction to make way for NFTs from its Otherside metaverse.

Otherside had tweeted a few days earlier that it was considering a Dutch auction. This type of auction has the auctioneer starting with a very high asking price and then gradually decreasing it until the mint is sold. The bidding war is a common feature of this sales structure.

Mint will be sold Dutch-style, which will mean that the ApeCoin prices will fall over time. Later this week will announce the beginning price for Dutch auction.

— OthersideMeta (@OthersideMeta) April 25, 2022

Dubbing Dutch-style auctions as “bullshit,” Yuga Labs said that they do not solve the problems that are designed to solve.

NFT “Dutch auctions” are actually bullshit. They are not able to mediate demand or negate gas-wars in eagerly awaited mints.

Otherside will sell Otherdeed NFTs instead of auction at a fixed rate of 305 APEcoin (APE). This is currently around $6,000.

At 9 PM ET on Saturday, Otherdeed will hold an auction for their NFTs. Otherside stated that they were allowing more time to pre-approve the apecoin tokens which will be used for the purchase of NFTs. The tokens will be available for purchase by the buyers 12 hours before they go on sale.

The team has not yet provided any details about the Otherdeed Non-Following Telecommunications. There are rumors that the NFTs could be individual plots of land in Otherside’s metaverse.

The blog posts states that 55,000 Otherdeeds are available for mint. The team will be able to generate an incredible $379.5 million if they sell out.

Only those with apecoin will be allowed to sell NFTs who have already passed a KYC verification and are pre-approved wallet holders. According to the post, each wallet is allowed to purchase up to 2 Otherdeed NFTs.

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