Subscribe to our newsletter!
Yuga Labs, the creator of the Bored Ape Yacht Club, released its public debut for the Otherside Metaverse Project by selling its Otherdeeds non-fungible tokens (NFTs) that generated around $285 million last April 30, 2022.
During the sale, investors spent around $176 million on fees alone in the past 24 hours—the highest gas fees in the history of the Ethereum network.
There were around 55,000 Otherdeeds NFTs available in the market during the debut; these NFTs represent titles to plots of virtual land in the Otherside Metaverse.
Each NFT was minted at 305 APE each which is around $5,800 per Otherdeed NFT, given that Apecoin’s price during the mint was at $19.
Apecoin was launched last month by the same company. It is an Ethereum token to power Web3 applications of the Yuga Labs.
Otherdeed for Otherside
Otherside is the upcoming metaverse game that Yuga Labs is currently developing in partnership with NFT game publisher Animoca Brands.
According to the game’s official teaser, it is expected to bring together various NFT projects including the Apes, CryptoPunks, Meebits, Cool Cats, and more.
In addition, the Otherdeed NFTs are the virtual land deeds for the game world of Otherside.
It is similar to NFTs for The Sandbox and Decentraland that serve as virtual land deeds for a metaverse game.
At the time of writing, Otherdeed for Otherside has a total volume of 133,622.2379 ETH at a floor price of 4.3 ETH, and is available to the public in OpenSea.
While according to the data of CryptoSlam, it is the top selling NFT for the past seven days with a total sale of approximately $427,300,666.
Ethereum Gas War
Meanwhile, the high number of Otherdeeds NFTs that were sold during the Otherside’s launch caused an Ethereum gas war.
Gas wars happened due to the sudden increase in demand for fast transactions that clogs a network—in this case, it is the Ethereum network.
The company immediately acknowledged the gas war happened, including the crashing of Etherscan, the block explorer and analytics platform for Ethereum.
“We’re sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We’d like to encourage the DAO to start thinking in this direction,” Yuga Lab’s statement on Twitter.
Moreover, the company also admitted that the debut, being large in size as a collection, would bring challenges.
“We are aware that some users had failed transactions due to the incredible demand being forced through Ethereum’s bottleneck. For those of you affected, we appreciate your willingness to build alongside us – know that we’ve got your back and will be refunding your gas,” the Yuga Lab explained.
Update May 5:
This article is published on BitPinas: BAYC Creator Yuga Labs Launches “Otherdeed NFTs”
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.