Otherside Metaverse Land Sale Generates $285 Million in 24 Hours
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Yuga Labs debuted the sale of the long-awaited Otherside Metaverse land on Saturday.
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Within 24 hours, the land rush generated $285 million for the company.
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Each land cost $7000 each and was only available for purchase in Apecoin, the official cryptocurrency of Yuga Labs.
Yuga Labs has raised $285 million worth of cryptocurrency by selling virtual land tokens.
After much publicity, the company behind the “Bored Ape” NFT collection held its digital land sale on Saturday evening. This represented a public debut for its Otherside metaverse project.
Otherside is the biggest product launch from Yuga Labs. Within hours, traders purchased a limited supply of 55,000 “Otherdeeds” NFTs.
Otherdeeds represent titles to plots of virtual land in the company’s forthcoming Otherside Metaverse. Each NFT cost about $7000, and were only available for purchase in ApeCoin (APE), Yuga Labs’ official cryptocurrency.
On general NFT markets like OpenSea, the cheapest listed price for an Otherdeed NFT was around 7 ETH. This is approximately $19,000 at the time of this publication.
This comes as a great success for the tech firm, which had recently raised $450 million to fund its Metaverse ambition.
Read also: Telegram Launches Crypto Payment With Toncoin
Otherside Metaverse land raise was even worth as much as $320 million after the sale. However, profit declined as the the value of APE token crashed.
Meanwhile, the traffic from the sale created some of the highest gas fees in the history of the Ethereum network. According to Etherscan, investors spent over $176 million on fees alone.
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 Labs (@yugalabs) May 1, 2022
The company issued a public apology on Twitter in the wake of complaints about the high fees.
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