More

    Yuga Labs’ Otherside NFT Sales Break $310M

    Points in Brief

    • Last night, Yuga Labs’ Otherside Metaverse released its inaugural NFT drop, which was a huge success.
    • Yuga Labs made almost $310 million by charging 305 APE tokens for each of 55,000 Otherdeeds.
    • However, the price of ApeCoin has since retraced, bringing Yuga’s earnings down to $287 million as of press time.
    • Its new Metaverse, which was created by the inventor of the Bored Ape Yacht Club, has taken the virtual world by storm, pulling in more than $310 million in its much-anticipated NFT launch this weekend.

    Yuga Labs’ NFT

    Yuga Labs issued its first round of Otherdeeds NFTs on Saturday, April 30, making 55,000 NFTs available to pre-approved wallets. The drop brought in almost $310 million to Yuga’s coffers at 305 APE apiece, which traded for just under $20 at the time of the mint.

    The Otherdeed NFTs are usually thought to represent land in the Otherside Metaverse. Otherdeeds could only be acquired with ApeCoin (APE), and their price of them remained unknown until recently. The price of APE rose as a result in the weeks running up to the mint.

    Yuga Labs’ Otherside’s success

    Otherside is a widely anticipated metaverse environment that will feature the branding of a number of high-profile NFT favorites, like Bored Ape Yacht Club, Meebits, Cool Cats, CryptoPunks, and others. Yuga Labs is working on the project alongside Animoca Brands, the Hong Kong-based venture finance firm behind the popular but yet-to-be-released Metaverse game The Sandbox.

    Other than that, NFTs were sold at a fixed price, despite plans to launch the enterprise through a Dutch auction. However, in order to avoid “a gas battle of historic proportions” during what was projected to be one of the largest NFT mints in history, this proposal was abandoned. The mint spent over $177 million in gas expenses, and demand for the NFTs was so high that Etherscan failed at one point.

    Participation in the mint

    Only individuals who pre-registered before April 1 were able to participate in the mint, which included completing KYC procedures. According to statements Yuga Labs made to Crypto Briefing last month, the deeds could only be purchased using ApeCoin (APE), which was created in March by ApeCoin DAO—a company that is not linked with Yuga Labs.

    However, ApeCoin has plummeted in the aftermath of the sale, dropping to around $17 and wiping off more than $23 million of Yuga’s revenues in the first few hours.

    Stay in the Loop

    Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

    Latest stories

    You might also like...