Bored Ape Yacht Club (BAYC), a leading non-fungible token (NFT) project, has generated over $300 million in virtual land sales from its metaverse called Otherside.
Yuga Labs, the designer of BAYC, has announced that its Otherdeed NFT will be available on Saturday. The NFT collection allows investors to claim land tracts on the Otherside. A total of 55,000 Otherdeed NFTs were available for purchase, each costing 305 ApeCoin. The news came after the business abandoned plans to organize an NFT Dutch auction.
All 55,000 Otherdeed NFTs were sold out on the company’s platform, Otherside.xyz. The entire money raised was 16,775,000 APE, which is about $291 million at current values.
As consumers competed to participate in the Otherdeed NFT sale, Ethereum gas fees skyrocketed. Some users were also unable to finish their network transactions, resulting in the loss of monies paid on gas costs.
Yuga Labs apologized after the transaction and stated that it will repay the lost gas expenses. Due to the growing number of investors, the company has also stated that it would likely begin to investigate establishing its own blockchain.
Following the sale of all 55,000 Otherdeed NFTs, Yuga Labs intends to give an extra 45,000 tokens to BAYC and Mutant Ape NFT holders, as well as developers who contributed to the project’s development.
Another 100,000 NFTs will be issued to Otherdeed holders labeled as “voyagers,” according to the Otherside website. The total number of Otherdeed NFTs now stands at 200,000.
Meanwhile, Yuga Labs secured $4.5 million in a capital round to invest in the Otherside, according to a March article. That same month, BAYC debuted ApeCoin, its native cryptocurrency.