Is Otherside a game of the rich get rich?

For Yuga Labs, the company behind the “Boring Ape” BAYC, it must have been a great holiday this past weekend — as the company was valued at $4 billion in the sale of Otherdeed, a virtual parcel of Metaverse project Otherside. of companies made $320 million in just one day.

However, on the one hand is Yuga Labs, which is making a lot of money, and on the other hand, there are disgruntled investors. Due to the huge demand, Ethereum gas fees soared to four figures, and many participants still did not get the plots they wanted after paying a lot of costs. Next, let’s take a closer look at Yuga Labs’ “Four Questions”:

1. Insufficient preparation leads to a concentrated outbreak of problems

In fact, everyone knows that there are certain problems with the way Otherdeed plots are sold, but Yuga Labs’ processing power is amazing. Not only did it abandon the Dutch auction ahead of time, but also failed to optimize the contract in time, which blocked transactions and even caused Etherscan to crash. Even more surprising, announcing the new plan before the first sales were over caused gas prices to skyrocket even higher, costing many newbies thousands of dollars.

Although Yuga Labs later promised to refund gas fees to investors who failed in the transaction, these people still did not get the land they wanted. However, something more serious followed. Just after the land sale event was completed, some potential trading bots began to sell Otherdeed, resulting in a rapid decline in its floor price. At the time of writing, according to NFTGo.io data, the Otherdeed floor price has shrunk to 3.39 ETH, a 24-hour drop of as much as 12.17%.

2. shirk responsibility?

The lack of transparency, consideration and empathy is really sad.

But to make matters worse, Yuga Labs refused to apologize after a series of problems erupted, instead blaming Ethereum for the whole mess, while also claiming they needed to build a blockchain on their own to ensure continued dominance in the Web3 space . However, anyone familiar with cryptocurrencies understands the core problem, namely: Yuga Labs failed to optimize the contracts in time, and their solution now is to create some kind of “BSC-style” centralized blockchain, which is really in line with Encrypted spirit?

As a reminder, Yuga Labs already owns the largest NFT project on earth, Bored Apes, as well as the intellectual property of CryptoPunks, with a market value of over $4 billion. So now, do they want their own blockchain too?

Ethereum has problems, we won’t deny it, but with The Merge, many of the scaling problems should be solved. In contrast to the “boring ape” BYAC, what have they done for the crypto community? What does Yuga Labs do?

3. Wealth Centralization

For the average investor, few can afford gas fees in the high four figures, let alone an expensive Otherdeed virtual lot.

Now that the “Yuga Club” has become a playground for the rich and increasingly dazzling, doesn’t the crypto community need a more democratic, fairer, and more accessible infrastructure?

Not only that, ApeCoin’s token economic model is very unbalanced, Yuga Labs keeps 15% of the supply, 14% goes to the BAYC founders, 15% goes to the first BAYC owners, and 8% is done in the DAO startup work those who contributed. A simple calculation shows that the sum has exceeded half of the supply of ApeCoin.

4. Violating the spirit of encryption

As mentioned above, the crypto industry needs a fairer system, a more accessible, open, and democratic environment.

Frankly, with many people complaining on social media about Yuga Labs’ operations, if the crypto community starts to get unhappy with the Otherside Metaverse project because of this virtual plot sale, who else would want to get involved? You must know that the Metaverse needs to build a community first, then build an economy, and finally provide a scene, so that it can rely on UGC to produce a large amount of high-quality content, Yuga Labs does not seem to be off to a good start.

The reason why the spirit of encryption affects more and more people is because here, people can get more equal opportunities, but Yuga Labs seems to do the opposite, hoping that the “boring ape” BAYC and the Otherside Metaverse will not become A “rich man’s game”.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/is-otherside-a-game-of-the-rich-get-rich/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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