ApeCoin experienced a steep 34% drop in value in the hours leading up to the minting event for Otherside on Saturday.
On Thursday, April 28, Yuga Labs made an exciting announcement regarding the minting details for Otherdeed NFTs. Here's what we know so far:
- Approximately 55,000 Otherdeed NFTs are expected to be minted.
- The minting will take place on the Ethereum blockchain.
- ApeCoin will be used to mint these Otherdeed NFTs.
- The minting process is expected to take many hours.
- The cost to mint each Otherdeed NFT will be 305 ApeCoin.
Yuga Labs, known for their unexpected moves in the NFT space, has made a significant step forward with this announcement. The future direction of ApeCoin's value is uncertain, with potential for both a surge and a drop based on the mint and subsequent events.
The value of ApeCoin plunged to $18.40, a 33.8% drop, after the mint details were announced. However, it's important to note that the value recovered after OpenSea, a popular NFT marketplace, confirmed it would accept ApeCoin for at least some NFTs, potentially including Otherdeeds.
Secondary sales after the mint could see a surge of volume on OpenSea, as collectors and investors scramble to acquire these new NFTs. However, the long-term impact on ApeCoin's value remains uncertain.
It's currently unknown whether those sales will be in ApeCoin or Ethereum. Given the significant amount of Ethereum that could be spent on gas to complete transactions, this decision could have a significant impact on both cryptocurrencies.
The minting of Otherdeed NFTs is scheduled for April 30, 2022. As more details become available, it's essential to monitor official Yuga Labs channels, NFT marketplaces, and cryptocurrency price tracking websites for the most current market impact and price analysis.
As a reminder, the value of metaverse project tokens, such as The Sandbox, can be high initially but may decrease significantly over time. This serves as a reminder that the NFT market is volatile and investors should approach with caution.
Stay tuned for more updates on this developing story.
Investors might find themselves questioning the future of ApeCoin, given its unpredictable response to the Otherdeed NFT minting details. The anticipated surge of secondary sales could propel ApeCoin's value, but the long-term impact remains uncertain. The decision regarding whether transactions will be conducted in ApeCoin or Ethereum could significantly influence both cryptocurrencies.
