Yuga Labs, the creator of the popular Bored Apes Yacht Club collection of NFTs, is calling the shots with its new Metaverse project. The company recently concluded the sale of virtual land raising a staggering $320 million in its largest offering to date.
The demand for the sale was so high that it disrupted the entire Ethereum network activity while causing transaction fees to rise once again. ApeCoin (APE) crypto holders rushed to buy the rights of 55,000 parcels of virtual land in Otherside, a planned metaverse game in the new project. The plots for sale on the virtual land were available in the form of Ethereum-based NFTs called Otherdeeds.
Each plot was costing around $5,800 as of the $19 price per APE last Saturday. However, the ApeCoin (APE) price has corrected since and is currently trading 14% down at a price of $16.39.
The Bloomberg report mentions that the transaction costs mint Otherdeed NFTs shot to a staggering $123 million. As per Etherscan data, each Otherdeed NFT was costing 2 ETH or $6,000 to mint. Speaking to Bloomberg, Jason Wu, founder of decentralized lending protocol DeFiner said:
“Yuga Labs’ virtual land sale has triggered one of the highest spikes in transaction fees on Ethereum. I have seen other NFT launches causing high gas fees, but this is definitely one of the highest”.
What’s Next With the Bored Ape Metaverse Project?
All the ApeCoins raised in the sale will be locked and can’t be sold. This will significantly reduce the coins in circulation for a year.
Furthermore, apart from the 55,000 Otherdeeds sold last Saturday, Yuga Labs shall be making another 45,000 were to be made available to holders of Bored Ape Yacht Club and Mutant Ape NFTs, as well as project developers. Additionally, Yuga Labs would be awarding Otherdeed holders with another 100,000 of the ApeCoin tokens.
ApeCoin is looking to make its way into a variety of Web 3 apps by leveraging other digital coins and blockchain networks. It also serves as the governance token for the ApeCoin DAO.
Yuga Labs launched the ApeCoin last month in March 2022. Since then the APE price has been skyrocketing touching an all-time high of $26. However, APE has already corrected by 40% since then.
- Whales Eye Litecoin Ahead Of Major Update, Here’s Why
- Just-In: Robinhood Now Supports Web3 Wallets And NFTs
- U.S. Is Winning Bitcoin Mining Race But China Still Not Out Of Picture: Report
- Stablecoin Meltdown: This Token Loses $7 Billion Within A Week
- Just-In: Polygon (MATIC) Releases Nightfall Mainnet Beta; Here’s Why It’s A Big Deal
- Ripple (XRP) Price Jumps Over 4%, Here’s Why
- Coinbase Cuts Down Hiring After Q1 Losses Hit $420 Million
- Shiba Inu (SHIB) Price Soars 6% In A Day, Here’s Why
- KuCoin Lists $UST Crisis Born Stablecoin $USDD; Details
- WOO Network Halts Terra’s LUNA Trading Just Hours After Relisting It
- Ripple Price Analysis: XRP Price Remains Pressured Below $0.45
- EGLD Price Analysis: Decreasing Volume Hints EGLD to Reverse from $75
- Cardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
- LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?