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Over $310 million was raised in its much-anticipated NFT release this weekend for Yuga Labs’ new Metaverse, created by the creators of Bored Ape Yacht Club.
Otherdeeds NFTs were coined on Saturday, April 30, by Yuga Labs, with 55,000 NFTs accessible to pre-approved wallets. The drop raked in almost $310 million for Yuga’s coffers at 305 APE per, which traded for just under $20 at the time of the mint.
The Otherdeed NFTs are usually considered to symbolise the Otherside Metaverse’s territory. To buy otherdeeds, ApeCoin (APE) was the only currency available, and until recently, no one knew how much they would cost. As a result, in the days running up to the mint, APE’s price rose as expected.
Some of the most well-known NFT brands, like Bored Ape Yacht Club, Meebits, Cool Cats, and CryptoPunks, will be included in the next Otherside Metaverse environment. Yuga Labs and Animoca Brands, the Hong Kong-based venture finance firm behind the popular but yet unreleased Metaverse game, The Sandbox, are working together on the project.
A fixed fee for the NFTs was charged instead of the Dutch auction that had been initially planned to kick off the project. To prevent “a gas battle of historic proportions” during what was intended to be the biggest NFT mint in history, however, this idea was eventually abandoned. The mint used up almost $177 million in gas costs, and the NFTs were in such high demand that Etherscan briefly went down.
Mint participation was restricted to individuals whose pre-registration and KYC criteria were met before April 1. As Crypto Briefing reported earlier this month, Yuga Labs said that deeds could only be acquired using ApeCoin (APE), a cryptocurrency that was established in March by ApeCoin DAO, a company that is not linked with Yuga.
Despite the sale, ApeCoin’s value has fallen to around $17, wiping out almost $23 million in Yuga’s profits in the first few hours following the dip. Otherdeeds had a floor price of 7.5 ETH at the time of this writing on OpenSea.