Yuga Labs will no longer use a Dutch-style auction this weekend for the impending sale of NFTs for its Otherside metaverse. In an official blog post, Otherside highlighted that NFT Dutch auctions are actually “bullshit”. It elaborated that they do not successfully mediate demand, and nor does it negate gas wars in highly anticipated mints.
The blog post highlighted that it’s problematic when you consider that the Otherdeed mint may be one of the largest scales. It would exacerbate the usual problems with NFT gas wars by the sheer number of NFTs to be minted. This could result in a gas war of historic proportions.
Initially, the project intended to use an auction involving a bidding war in which the asking price starts high and then keeps falling until all units are sold. But Dutch auctions do not solve the problems that they are designed to fix.
Ditching the Dutch-style auction, the Otherdeed mint will see to that sale price remains flat for the duration. There will be an intentionally low per-wallet limit on the number of NFTs that may be minted (in total). After low-gas transactions have been submitted, the wallet-level minting limit will be increased to allow the second wave of minting.
The auction will be held on Saturday at 9 pm ET. More time has been allocated for pre-approval of the apecoin tokens that are used for the purchase of the NFTs.