Crypto Gloss

Otherdeed

Otherdeed is a collection of 100,000 virtual land parcel NFTs in Yuga Labs’ Otherside metaverse — minted in April 2022 in one of the most chaotic NFT launch events in history, where demand was so extreme that the mint generated over $300M in primary sales while simultaneously causing Ethereum gas fees to spike to hundreds of dollars per transaction, with failed transactions alone costing users tens of millions in wasted gas fees.

The Collection

Attribute Detail
Supply 100,000 NFTs
Blockchain Ethereum
Launch April 30, 2022
Mint price 305 APE (ApeCoin)
Creator Yuga Labs
Project Otherside metaverse

Each Otherdeed represents a plot of land in the Otherside — Yuga Labs’ planned open metaverse. The land parcels have:

  • Different sediment types (terrain)
  • Resources on the land
  • Potential for rare “Koda” entities (a small percentage)
  • Future utility in the Otherside game/metaverse

The Mint Catastrophe

The April 30, 2022 Otherdeed mint is one of the most chaotic events in NFT history:

What happened:

  • 55,000 Otherdeeds were sold in a public Dutch auction for 305 APE each (~$5,800 at the time)
  • 45,000 were reserved for BAYC ecosystem holders and other recipients
  • Demand was so intense that Ethereum became temporarily unusable for other transactions
  • Gas fees for a successful mint: $6,000–$14,000 per transaction
  • Failed transactions (insufficient gas) cost users thousands in wasted fees with nothing received

The numbers:

  • Primary sales: ~$300M+ in APE tokens
  • Ethereum gas spent: an estimated $175M in total (including failed txs)
  • Failed transaction gas costs: estimated $90M+ wasted by unsuccessful minters

The aftermath:

  • Yuga Labs apologized for not conducting the mint on a Layer 2
  • The mint accelerated discussions about Ethereum scalability
  • Yuga Labs subsequently moved toward building their own chain (ApeChain / Otherside’s blockchain)

ApeCoin Connection

The choice to denominate the mint in APE (ApeCoin) was significant:

  • APE is the governance and ecosystem token for the BAYC universe
  • Using APE to mint Otherdeeds created demand for APE
  • BAYC/MAYC/BAKC holders received APE airdrops months earlier
  • The APE spent in the mint was burned or went to the DAO treasury

Otherside Metaverse

The broader context for Otherdeed:

  • Yuga Labs is building Otherside as an open metaverse game
  • The vision: an MMO-style experience where NFT IP from multiple projects can coexist
  • “The First Trip” and other early Otherside experiences were demos
  • Development continues; the metaverse is in ongoing development as of 2024

History

  • March 2022 — ApeCoin launches; BAYC ecosystem receives APE airdrop
  • April 30, 2022 — Otherdeed mint: 55,000 public + 45,000 reserved; catastrophic gas fees; $300M+ raised
  • May 2022 — Yuga Labs apologizes for Ethereum chaos; pledges to build on own chain for future events
  • July 2022 — “The First Trip” Otherside demo event; 4,500 simultaneous players; technical showcase
  • 2022–2023 — Otherdeed floor varies with broader NFT market; Otherside development continues
  • 2024 — Otherside development ongoing; Otherdeed floor below peak; Yuga Labs ecosystem remains active

Common Misconceptions

  • “Otherdeed is a finished metaverse.” — Otherdeed is land in a metaverse under development. The full Otherside game/metaverse was not available at mint; it is being developed incrementally.
  • “The gas catastrophe was Yuga Labs’ fault.” — Both true and false. Yuga Labs acknowledged they should have launched on Layer 2 to prevent Ethereum congestion. However, the extreme demand was organic and the gas mechanics are inherent to Ethereum mainnet under high demand.

Social Media Sentiment

  • X/Twitter: Otherdeed is frequently cited as a cautionary tale about minting on Ethereum mainnet without Layer 2; the gas catastrophe is one of the most referenced events in NFT history.
  • r/NFT: The mint disaster is a top-cited example of why Layer 2 matters for high-demand mints; the wasted gas fees generated significant anger.
  • BAYC community: Otherdeed holders have a stake in Otherside’s development; the community monitors Yuga Labs’ metaverse progress closely.

Last updated: 2026-04

Related Terms

See Also

  • Yuga Labs — the company behind Otherdeed; understanding Yuga’s ecosystem strategy explains why Otherside and Otherdeed exist
  • ApeCoin — the token used to purchase Otherdeeds; the BAYC ecosystem’s governance and utility token
  • Metaverse — the broader concept Otherside/Otherdeed is building toward; virtual world land ownership as a category

Sources