Published on: 09/05/2022
Yuga Labs’ fans lost millions in NFT game Otherside’s failed transactions of virtual land
Bored Ape Yacht Club, the brainchild of tech firm Yuga Labs, known for its multiple hit NFT titles, caught the attention of many after its fans lost millions of dollars due to failed land transactions in Otherside.
Otherside is Yuga Labs’ new entry into the NFT-gaming industry. Players recently fell victim to scams in addition to suffering from failed transactions.
Yuga Labs responded to the issue by promising to provide refunds in a form of gas fees to those who experienced failed transactions caused by network issues during the minting process. Multiple users, however, said that they had yet to receive any refund as Otherdeed’s sales price increased.
Fans lose millions in Otherside
Otherside is Yuga Labs’ effort to expand its NFT portfolio to the video game industry. A similar expansion move was made ahead of the launch of Otherside via the acquisition of LarvaLabs’ CryptoPunks and Meebits, marking three prominent NFTs collections under a single umbrella.
The launch of Otherside was followed by a series of successes and millions of revenue streams since April this year. However, there are not many details made available publicly such as its timeline of release and what will it entails among others, as per The Verge.
Otherside’s development team dubbed the metaverse project as an MMORPG game aimed to connect the broader universe of NFTs. Additionally, BAYC co-founder Wylie Aronow claims that Otherside would create “an interoperable world” that is not only gamified but also “completely decentralized.”
However, if there is anything Otherside have in common with NFTs, in general, is that the project is prone to scams, unstable often over the top prices, and frequent targets of hacking initiatives.
Otherside’s sale of Otherdeeds on April 30 caused a stack on the blockchain. In other words, what Yuga Labs called “the largest NFT mint in history” which can only be minted through ApeCoin also resulted in the increase of the value of Ethereum gas fees due to high demand. From those who were charged a whopping $19,435 in gas fees to those who were charged gas fees despite having experienced failed transactions.
“We are aware that some users had failed transactions due to the incredible demand forced through the Ethereum bottleneck,” Yuga Labs tweeted. “For those of you affected, we appreciate your willingness to build alongside us; know that we have your back and will reimburse you for fuel.”
There are multiple responses made which indicated that a certain number of people have yet to receive their refunds and while there are enough problems at hand, a fake Otherside website hit news headlines for scamming users to take financial gains over Otherdeed’s NFTs ordeal that resembles closely to Minecraft’s retro block graphics but worth millions and much-hyped.
“Refunded gas fees to everyone who made a transaction that failed due to network conditions caused by mint,” Yuga Labs announced May 4.
Despite millions of financial griefs, Otherdeed’s collection sales reached an insane number of $1,099,021,881 or 271,425 ETH according to a crypto ranking site NFT CryptoSlam!