Yuga Labs and Bored Ape Yacht Club creators revealed Saturday’s Otherside metaverse virtual-land sale. It was one of the most significant non-fungible tokens (NFTs) ever created. With 55,000 otherside land parcels sold, the Otherside virtual land sale brought in close to $320M.
Metaverse sees 320 million raised, Ether Fees Spike and Etherscan Crashes
The Otherside metaverse virtual land sale took place on Saturday, and a great deal of people purchased Ethereum-based NFTs dubbed “Otherdeeds.” Demand for the Otherside metaverse deeds propelled ethereum (ETH) fees upwards, causing the average ether gas fee to rise dramatically.
The sale resulted in 55,000 Otherdeeds being sold, and the project raising close to $320million. The BAYC collection’s creators Yuga Labs wroteThe mint was discussed after completion, as well as some of the network issues.
“We know that the Otherdeed mint was unprecedented in its size as a high-demand NFT collection, and that would bring with it unique challenges,” the team wrote. “The hope was that those challenges would be assuaged via a rigorous gating mechanism in the form of an on-chain KYC, a max mint of 2 per KYC’d wallet, and a significant clearing price at 305 Apecoin.”
The on-chain KYC didn’t stop demand, and the virtual land plots began selling shortly after 9 PM (ET) Saturday. To mint these non-fungible tokens, Ethereum fees were used to generate approximately $166.2 million (60,234 Ethereum). The mint also crashed Etherscan, a blockchain explorer due to so many requests.
“This has been the largest NFT mint in history by several multiples, and yet the gas used during the mint shows that demand far exceeded anyone’s wildest expectations,” Yuga Labs said. “The scale of this mint was so large that Etherscan crashed.” The BAYC creators further added:
We’re sorry for turning off the lights on Ethereum for a while. Apecoin is going to need to move to its own chain to be able to scale. This seems obvious. We’d like to encourage the DAO to start thinking in this direction.
Yuga Labs explained that Apecoin must use a different type of blockchain and that some transactions had been lost during the sale. “For those of you affected, we appreciate your willingness to build alongside us – know that we’ve got your back and will be refunding your gas,” Yuga Labs concluded.
At the time of writing, secondary Otherside NFT sales have been live for over six hours now on Opensea’s NFT marketplace. The Otherdeed collection’s floor value today is 7.88 ether or $21,754 USD, at the time of writing.
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