Bored Ape’s Otherside Virtual Land Sale Raises $320 Million

Bored Ape’s Otherside Virtual Land Sale Raises $320 Million – Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC), announced the Otherside metaverse virtual land sale on Saturday, that turned out to be one of the largest non-fungible token mints to date. By selling 55,000 plots of Otherside land, the Otherside metaverse virtual land sale garnered about $320 million.

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On Saturday, the metaverse virtual land sale took place, and many individuals bought Ethereum-based NFTs called “Otherdeeds.” The demand for Otherside metaverse deeds drove up ethereum (ETH) costs, leading the average ether gas fee to skyrocket.

When the sale was completed, 55,000 Otherdeeds had been sold, and the project had raised close to $320 million. Yuga Labs, the developers of the BAYC collection, wrote about the mint after it was finished and explained some of the network challenges that occurred.

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The team said, “We know the Otherdeed mint was unparalleled in its magnitude as a high-demand NFT collection, but this would present significant issues.” “The intention was that a strict gating mechanism in the form of an on-chain KYC, a max mint of 2 per KYC’d wallet, and a significant clearing price of 305 Apecoin would alleviate those difficulties.”

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The on-chain KYC, however, had no effect on demand, as virtual land plots began selling shortly after at 9 p.m. (ET) on Saturday. The non-fungible coins cost around $166.2 million in Ethereum fees, or 60,234 ETH. Furthermore, the mint received so much demand that the blockchain explorer Etherscan was brought to a halt.

“By several multiples, this has been the largest NFT mint in history,” Yuga Labs said, “and yet the gas used during the mint reveals that demand well beyond anyone’s wildest estimates.” “This mint’s scale was so massive that Etherscan crashed.” 

The BAYC developers went on to say:

We apologize for temporarily shutting off the lights on Ethereum. Apecoin will very certainly need to shift to its own chain in order to scale adequately. We’d like to encourage the DAO to consider this possibility.

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Yuga Labs noted that the team was aware that some users had unsuccessful transactions during the sale after emphasizing that Apecoin requires a different blockchain. Yuga Labs said, “For those of you affected, we appreciate your desire to grow with us – know that we’ve got your back and would be refunding your gas.”

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