Is Otherside a rich man keeps rich game?
This article comes from |coinjournal, Originally by Dan Ashmore
Odaily Translator |
Odaily Translator |
However, on one side is Yuga Labs, which is making a lot of money, and on the other hand, it is an investor who complains. Due to the huge demand, the gas cost of Ethereum soared to four digits, and many participants still did not get the land they wanted after paying a lot of costs. Next, let us take a closer look at the "four major problems" of Yuga Labs:
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1. Insufficient preparation leads to concentrated outbreak of problems
Although Yuga Labs later promised to refund gas fees to investors who failed in the transaction, these people still did not get the desired land in the end. However, more serious things followed. Just after the completion of the land sale, some potential trading robots began to sell Otherdeed, resulting in a rapid drop in its floor price. At the time of writing, according to NFTGo.io data, the floor price of Otherdeed has shrunk to 3.39 ETH, a 24-hour drop of up to 12.17%.
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Second, shirking responsibility?
The lack of transparency, consideration and empathy is very sad indeed.
But to make matters worse, after a series of problems broke out, Yuga Labs refused to apologize, but instead blamed the entire mess on Ethereum, while also claiming that they need to build a blockchain on their own to ensure continued dominance in the Web3 field . However, anyone familiar with cryptocurrencies understands the core problem, which is: Yuga Labs failed to optimize the contract in time, and the solution they are now giving is to create some kind of "BSC style" centralized blockchain, which really meets Crypto spirit?
Ethereum has issues, we won't deny that, but with The Merge coming, many of the scaling issues should be resolved. In contrast to the "boring ape" BYAC, what have they done for the encryption community? What did Yuga Labs do?
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3. Wealth centralization
For ordinary investors, few people can pay up to four-digit gas fees, let alone expensive Otherdeed virtual land.
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 batch of BAYC owners, 8% is done during the DAO launch work people who contribute. A simple calculation shows that the sum has exceeded half of the supply of ApeCoin.
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4. Violating the spirit of encryption
As mentioned above, the encryption industry needs a fairer system, a more accessible, open, and democratic environment.
Quite frankly, with many people complaining about Yuga Labs' operations on social media, if the crypto community starts to get upset with the Otherside metaverse project because of this virtual lot sale, who else would want to participate? You must know that Metaverse needs to establish a community first, then build an economy, and finally provide scenarios, so that it can rely on UGC to produce a large amount of high-quality content. Yuga Labs does not seem to have made a good start.
