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Home»NFT»Yuga Has Botched Another NFT Coin: Will the Bored Ape Maker Dump Ethereum?
NFT

Yuga Has Botched Another NFT Coin: Will the Bored Ape Maker Dump Ethereum?

2024-02-09No Comments5 Mins Read
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Yuga Labs, the multibillion-dollar company responsible for dominant crypto brands like the Bored Ape Yacht Club And CryptoPunksfound itself in hot water this week after implementing – and then rolling back – fixes to stoke discontent with a new NFT coin tied to its Ape-themed metaverse, Other side.

The saga began on Tuesday, when Yuga announced that players who successfully completed a mission in the Otherside platform’s Legends of the Mara game could now claim on-chain collectibles called ‘Loot’ as a reward.

Players quickly took to minting the NFTs on the Ethereum blockchain, but found that the gas fees these transactions entailed were quite expensive – especially considering the ‘loot’ was supposed to be a free perk.

This wasn’t Yuga’s first rodeo with excessive gas costs. In 2022, a crazy series of deeds for virtual plots in Otherside cost users an eye-watering $157 million in transaction costs, encourage widespread frustration with Yuga’s handling of the situation.

Presumably aware of such events, Yuga’s leadership attempted to rectify any bad feelings about this week’s “loot” with a peace offer. On Thursday, Yuga Chief Gaming Officer Spencer Tucker posted on Twitter that the community’s anger over the loot gas fees was justified. To offset the situation, he said, each affected user would be eligible for a free “Catalyst,” another in-game, on-chain benefit.

People who made ship parts paid a lot of gas, which sucks, so we want to put things right.

— Spencer Tucker (@EverydayZukini) February 8, 2024

The community’s reaction was probably not what Yuga was hoping for. Other players have pilloried the concession, arguing that it doesn’t address structural issues with the way Otherside expects users to mint expensive NFTs on Ethereum.

Oh my god, giving a free catalytic converter doesn’t solve anything! Then why should we race for it? Why do you do everything wrong and then make it worse? Why is it so difficult to build an off-chain marketplace where we can deposit and use apecoin for one time without paying…

— Murat (@NightDeatHs) February 8, 2024

Within hours, Yuga co-founder Greg Solano intervened to announce that the free Catalyst giveaway had been halted after community backlash. Instead, all gas costs incurred by Otherside players trying to earn loot would be fully covered and reimbursed by Yuga.

See also  Ethereum price retreats from highs, but technical data suggests upside continuation

“Thank you for calling us and being patient with us,” Solano wrote.

But for many Otherside players, this second solution also failed to address the overarching issues with Yuga’s reliance on the expensive Ethereum mainnet for on-chain transactions.

“These two back-to-back decisions raise greater concerns about the state of Otherside as a whole, the Agora marketplace, and who approves these decisions,” said YouTuber JRNY Crypto. wrote on Twitter in response. “These decisions are entry-level mistakes, not mistakes we should be seeing at the largest company in the space developing a metaverse.”

These two decisions in succession raise greater concerns about the state of Otherside as a whole, the Agora marketplace, and who approves these decisions

If gas wasn’t even considered in NFTs that are intended to be burned en masse to create new parts, which would also likely require more…

— JRNY Crypto (@JRNYcrypto) February 9, 2024

Otherside has not yet publicly committed to shifting chain commerce to a more cost-effective manner Ethereum layer-2 network or other alternative blockchain. Yuga Labs declined to comment Declutter apart from referencing Solano’s tweet statement.

ApeCoin DAO, an independent decentralized autonomous organization that works ApeCoin, a cryptocurrency for the Bored Ape ecosystem, has long advocated the creation of its own blockchain, called ApeChain. The DAO is currently weighing proposals from several layer 2 networks, including Optimism, ArbitrationAnd Polygon to help build ApeChain.

⭐️⭐️ApeChain proponents: in numbers.

🔎 The Governance Working Group @ApeCoinGWG has reached out to all four RFP candidates to provide input for the community to review. Before you vote, take a moment and compare what matters most to YOU.

📥 Vote: https://t.co/IfsmHF08Mv pic.twitter.com/qrJaJBBwps

— ApeCoin (@apecoin) February 7, 2024

Although Yuga Labs has previously indicated that ApeCoin DAO should explore creating its own blockchain to address Ethereum traffic and fee issues, the company has never publicly committed to using such a network – if it is ever built – to support Otherside to supply power.

We’re sorry to have turned off the lights on Ethereum for a while. It seems obvious that ApeCoin will have to migrate to its own chain in order to scale properly. We would like to encourage the DAO to start thinking in this direction.

— Yuga Labs (@yugalabs) May 1, 2022

But time may be running out. Even Yuga’s own leadership publicly admitted this week that continued dependence on the Ethereum mainnet may not be sustainable.

See also  NFTs will remain a fixture in society

“Hitting loot at tier-1 makes the item-to-gas ratio poor,” Spencer Tucker, Yuga Chief Gaming Officer wrote on Twitter Thursday.

Edited by Andrew Hayward



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Ape Bored Botched Coin Dump Ethereum Maker NFT Yuga
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