ApeCoin Slides in Response to a Controversial Otherside NFT Sell-Out

While the sale was a resounding success, APE holders had expected a Dutch auction, which could have pushed the price of the Otherdeed NFTs well above the flat selling price of 305 APE.

As a result of the lower price, APE holders offloaded APE, leading to the reversal.

Each Otherdeed NFT represented a land plot in Otherside, Yugo Labs’ metaverse game.

Last month, market expectations that ApeCoin will become the ‘payment token of choice’ for the Otherside land sale drove APE to $ 27 levels.

Bored Ape owner Renegademaster took to Twitter to share news of Yugo Labs getting ready to sell land on the Otherside metaverse.

According to the tweet,

“The sale will be a Dutch auction of some sort starting at $ 600 APE.”

Renegademaster went on to say,

“This info was sent to me by a reliable source, however, is not confirmed or official news. Speculation at this stage so please DYOR as always! Just sharing what I was told. ”

In a Dutch auction, the seller considers all bids before finding a ceiling price for the NFT sale. There is then a gradual price decline at predetermined time intervals.

Expectations were for a price ceiling of 600 APE, double the actual flat selling price of 305 APE.

The sale was not without controversy, with high demand causing an Etherscan crash and failed transactions.

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