Yuga Labs has abandoned the Dutch auction on the Otherside NFT metaverse in favor of selling coins at a fixed price. The developers also delayed the launch of the project until April 31 at 04:00 (Moscow time / Kyiv).

We’ve also heard from the community that we need to take more time for users to pre-approve ApeCoin. So, starting at 9:00 am ET on 4/30, users will be able to do it. The actual sale doesn’t start until 9 PM ET, exactly 12 hours later.

— OthersideMeta (@OthersideMeta) 29 April 2022

“Actually, Dutch auctions are crap, so Otherdeeds 305 ApeCoin will be sold at a fixed price,” the developers said.

According to CoinGecko, amid the Yuga Labs announcement, ApeCoin (APE) hit an all-time high of $26.70. At the time of writing, the asset is trading around $22 – at the current price, the cost of virtual land on Otherside exceeds $6,700 per plot.

It was initially assumed that the metaverse’s NFTs would be distributed as part of the Dutch auction.

Mint will be Dutch auction style, so the price of ApeCoin will decrease over time. The starting price for the Dutch auction will be announced later this week.

— OthersideMeta (@OthersideMeta) 25 April 2022

But in the last message, the developers noted that such a procedure is not effective enough.

“These [голландские аукционы на NFT] they are not successful mediators, do not nullify gas wars with much-anticipated mints,” Yuga Labs pointed out.

The company stressed that this poses problems as the release of Otherside may be “one of the biggest and most sought after” in the history of the NFT industry.

A total of 55,000 Otherdeed will be sold. To buy tokens, users need to follow the procedure KYC. The project team also set a limit to the number of tokens that can be purchased – 2 NFTs per address.

The postponement of the sale was explained by the developers as a desire to provide users with the opportunity to set up pre-approval for transactions with APE in digital wallets.

Recall that in April 2022, an unknown person hacked the Instagram account of the Bored Ape Yacht Club project to steal the assets of subscribers. According to PeckShield, approximately 765.3 ETH and 91 NFT were mined by the hacker.