The most famous NFT project, Bored Ape Yacht Club, is set to sell 55,000 plots of land on the metaverse for 305 APE or $7,625 apiece at spot rates. The “Otherside NFT” sale is scheduled at 9 PM EST on the 30th of April.
The BAYC NFT has already raked in millions of dollars for Yuga Labs in the past year. A successful launch for the LAND NFTs will bring in a whopping sum of $350+ million in revenue for its developers.
The sale was initially scheduled to take place earlier; however, due to some late changes in the auction system, the sale will take place at dusk today.
OthersideMeta informed its audience on Twitter that the Dutch auction-style for minting NFTs may not be the best option at the moment. A Dutch auction is a bidding technique where the price of an asset is set after all bids have reached the ceiling price. Collectors of NFTs are notified before the auction and permitted to make a bid.
The alteration in the auction-style will now mean that Otherside’s Metaverse NFTs will be sold at a fixed price of 305 ApeCoin during the sale is launched.
The BAYC Hack
Earlier this week, the BAYC team announced that its official Instagram and Discord channels were hacked. The hackers encouraged followers on IG to connect their wallet addresses to a phishing site for the minting of the BAYC LAND NFTs.
A few wallet addresses were hacked, and 24 Bored Apes and 30 Mutant Apes were stolen from holders’ addresses.
The team later announced on Instagram that it had regained control of the account and is currently investigating how the hacker gained access to the account with IG’s team. Despite the attack, the APE project has continued to soar. The APE token increased by about 30% in the past week, outperforming Bitcoin and other top cryptocurrencies.