Yuga Labs, a firm established in the United States, has now sold land parcels in its next metaverse for $285 million, according to reports.
The BAYC NFT collection was all the rage last year, as even celebrities struggled to get their hands on this impressive set of digital art. It was being sold in open markets as well as top auction houses. The creators of the collection have now taken the next step in their journey: by announcing their own metaverse.
What is Otherside all about?
Details about this metaverse are scarce. Essentially, the digital world will utilize the ApeCoin, which was founded in mid-March this year, and a $450 million cryptocurrency that was used by the venture capital firm Andreessen-Horowitz. Moreover, the world will use Bored Ape''s own cryptocurrency, which was acquired at the time of writing this article.
Yuga Labs hasn''t disclosed much about what resources it will deploy to build its digital world, compared to Mark Zuckerberg. However, the secret is well-known in its favor, and the company recently received an unprecedented response to the first sale of its land parcels in this metaverse.
Land as NFTs break Ethereum''''s back
Over the weekend, a quarter of the 200,000 virtual land plots sold for 305 ApeCoin. Another quarter of these land parcels will be shipped to BAYC, as well as Mutant Ape Yacht Club (MAYC), another NFT from Yuga, according to CNET.
NFTs, also known as "Otherdeeds," were selling the virtual land parcels. The company had earlier scheduled a 21-day claim period for users to claim these airdropped.
Users slowed the Ethereum blockchain, where the sale was being held, to obtain a piece of the NFT. Experts believe the blockchain is somewhat inefficient and it caused a demand-supply misunderstanding, which resulted in a charging fee to accelerate their transactions. CNET has reported that users spent up to $7,000 on these additional fees to secure their purchases.
According to reports, the sale brought in a total of 16.77 million ApeCoin, and based on the exchange rate one uses created a corpus of anywhere between $285 and $320 million for the company. However, these transactions, which are rooted in blockchain technology, increased $175 million in gas fees. An overwhelming number of purchase requests could not be confirmed.
Even those who were not interested in purchasing Otherdeeds were harmed by rising gas charges, which caused the company''s own policies to allow users to claim their NFTs to be postponed.
The Otherdeed NFT mint is sold out - we are awestruck by the demand shown tonight. Apes and Mutants, the opening of the 21-day claim period is being delayed until the price of gas has dropped to acceptable levels. Well tweet when the claim opens. https://t.co/iRz64lklbv
Otherdeeds are now available on the OpenSea market for $23,000, accounting for about five times the value they were sold by the company. The remaining 100,000 Otherdeeds will be given to individuals who "contribute to the development of Otherside," according to CNET.