Yuga Labs, the company which created the Bored Ape Yacht Club (BAYC) family of non-fungible tokens (NFTs), sold a new set of NFTs known as Otherdeeds which are designed to grant the holder access to an upcoming metaverse land.
The sale took place online on 30 April. The Otherdeeds NFTs could be bought using Yuga Labs’ own cryptocurrency called ApeCoin.
According to Reuters, a total of 55,000 Otherdeeds were sold, each priced at 305 ApeCoin. The total sales value, as per Reuters, came to around USD 285 million based on the exchange rate of ApeCoin to the dollar at the time.
More about Yuga Labs’ Otherdeeds and metaverse land
How will Otherdeeds be used?
Yuga Labs is developing an online environment called Otherside, which will have a BAYC theme. According to the company, the Otherdeeds NFTs can be exchanged as plots of virtual land in the Otherside.
The company received funding of USD 450 million in March to build the Otherside. It is not exactly clear how the Otherside is going to look, or how exactly it is going to benefit holders of Otherdeeds.
— Yuga Labs (@yugalabs) March 19, 2022
According to Reuters, the under-development official website of Otherside indicates that it will be a metaverse centred on multi-player gaming. Yuga Labs hasn’t revealed details of launch or the number of people working on Otherside.
Otherdeeds sale raises Ethereum gas
The rush for the miniting of Otherdeeds led to a rise in gas prices on the Ethereum blockchain.
Even though transactions happened on ApeCoin, Ethereum is needed for gas — which is basically a transaction fee. As large volumes of transactions happened, the gas went up drastically.
Following the mint, Yuga Labs apologised on Twitter.
“We’re sorry for turning off the lights on Ethereum for a while,” Yuga Labs said. “It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We’d like to encourage the DAO [decentralised autonomous organisation] to start thinking in this direction.”
We’re sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We’d like to encourage the DAO to start thinking in this direction.
— Yuga Labs (@yugalabs) May 1, 2022
We are still working on refunding all Otherdeed minters with failed transactions their gas. Note that you do not need to do anything – we will transfer it all back to your wallet and announce when it is completed. Don’t click any links.
— Yuga Labs (@yugalabs) May 2, 2022
Yuga Labs is best known for launching the iconic BAYC NFTs in 2021. A set of 10,000 cartoon apes with differing attributes which are a rage among collectors, some of them are among the highest priced NFT artworks of recent times.
(Main and Featured images: OpenSea/@opensea/Twitter)