Leading non-fungible token (NFT) project Bored Ape Yacht Club (BAYC) has raised over $300 million in virtual land sales from its metaverse dubbed Otherside.
BAYC Raises $300M From Otherdeed NFT Sales
Yuga Labs, the creator of BAYC, announced its Otherdeed NFT will be sold on Saturday. The NFT collection enables investors to claim land parcels on the Otherside. A total of 55,000 Otherdeed NFTs were available for sale, each costing 305 ApeCoin. The development comes after the company discarded plans to hold an NFT Dutch auction.
All 55,000 Otherdeed NFTs were sold out on the company’s platform, Otherside.xyz. The total amount raised was 16,775,000 APE worth about $291 million at current prices.
Gas Fee Soars Amid Otherdeed Frenzy
Ethereum gas fees soared as users battled to participate in the Otherdeed NFT sale. Some users were also unable to complete their transactions on the network and lost funds spent on gas fees in the process.
Yuga Labs apologized after the sale, noting that it would refund the gas fees lost. The firm also said it will likely begin to consider setting up its own blockchain due to the increasing number of investors.
More Otherdeed NFTs on the Way
Following the sale of all 55,000 Otherdeed NFTs, Yuga Labs plans to distribute an additional 45,000 tokens to BAYC and Mutant Ape NFT holders, alongside developers who helped build the project.
The Otherside website also noted that another 100,000 NFTs will be distributed among certain Otherdeed holders tagged as “voyagers.” This brings the total number of Otherdeed NFTs to 200,000.
Meanwhile, a report in March revealed that Yuga Labs raised $4.5 million in a funding round to invest in the Otherside. That same month, BAYC launched its native token dubbed ApeCoin.
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