The Otherside Metaverse's Devastating Aftermath...

Hey everyone, here's to a great start to the week! 

Grab your coffee, and let's kill it!

- Hunter Maier

🌎 The Otherside Aftermath

📈 Do we call this a rebound?

🐻 Solana Outage!

• Otherdeeds - Floor Price: 4.2 ETH

• Moonbirds - Floor Price: 33 ETH

• Okay Bears - Floor Price: 108 SOL

• Bored Ape Yacht Club - Floor Price: 122 ETH

Over $200M worth of ETH was lost directly to gas fees (high demand) and burn (failed transactions). Yesterday wasn't a gas war; it was a gas NUKE.

For those unaware, a gas war is:

"... an auction for priority inclusion in an upcoming block of transactions to be validated on a blockchain. When demand is high, the price of a priority position can rocket." - Coindesk

Luckily, for those who lost money due to failed transactions will in fact be getting their lost funds back:

Despite this, it's genuinely shocking that Yuga Labs, knowing the influence they have, didn't think to schedule a premint raffle or at least provide mint access in waves rather than all at once. 

Throughout the drop's entirety, gas remained around 2-3 ETH. This translates to:

305 Apecoin (Otherdeed cost) = approx. $5,7952.5 ETH (gas fees) = approx. $7000

Approximate total = 4.56 ETH.

While writing, the floor price is currently fluctuating around 4-4.5 ETH. Many have lost money with a 5% creator fee + 2.5% OpenSea fee (this is also dependent on the land's accommodating traits). Not to mention, this is no normal NFT; there are currently 95.1k plots within the collection.

This ultimately begs the question, is a 4+ ETH floor sustainable?

I would LOVE to know your thoughts on the matter, vote on Twitter!👇

Will Ethereum be our saving grace?

ETH is setting up at a pivotal support zone. If we continue to see upside off of this level, it may be an indication of a reversal! 

Other bullish indicators:

• Subsiding MACD bearish momentum

• Small bounce on Bitcoin

• This demand zone has yet to fail us.

Pray for ETH!

Two days ago, Solana suffered from 7 hour outage as an influx of bots attempted to mint NFTs. It was reported that traffic was reported to be at a record high of 4 million transactions per second.

In an attempt to counteract the bots, a botting penalty was temporarily implemented to create an invalid transaction.

As a result of the outage, Solana dropped approximately 7.4%.

Nevertheless, Solana is now back online and with validators in full effect! 

Want to know the worst part?

I purchased 13 SOL a day on the 29th... :(

Rate today's newsletter:

• 👍 IT WAS INCREDIBLE!!!

• 😐 It was alright!

• 👎 Could've been better.

Nothing mentioned in this newsletter is financial advice, we are NOT financial advisors. NFToday was created with the intent to entertain those who choose to read and be a part of the community!