On Saturday, the creators of Bored Ape Yacht Club (BAYC), Yuga Labs, revealed the virtual land sale of the Otherside metaverse which has proven to be one of the largest non-fungible token (NFT) currencies to date. The Otherside metaverse virtual land sale raised nearly $320 million by selling 55,000 parcels of Otherside land.
Otherside Metaverse Sees $320 Million Raised, Ether Fees Rise, and Etherscan Crashes
The Otherside metaverse virtual land sale took place on Saturday, and a large number of people bought Ethereum-based NFTs dubbed “Otherdeeds.” Demand for Otherside metaverse acts has propelled Ethereum (ETH) fees on the rise, leading to a dramatic increase in average ether gas fees.
After the sale was completed, another 55,000 acts were sold, and the project raised nearly $320 million from the sale. The creators of the BAYC Yuga Labs collection wrote about the Royal Mint once it was completed and discussed some of the network issues that took place.
“We know that the Otherdeed mint was unprecedented in size as a high-demand NFT collection, and it would bring unique challenges,” the team wrote. “The hope was that these challenges would be assuaged via a rigorous trigger mechanism in the form of on-chain KYC, a maximum mint of 2 per KYC’d wallet, and a meaningful clearing price at 305 Apecoin.”
However, on-chain KYC didn’t dampen demand, and virtual land started selling out immediately after at 9 p.m. ET on Saturday. The Ethereum fee used to mint the non-fungible tokens costs around $166.2 million or 60,234 ETH. Additionally, the Mint saw so many requests that it crashed the Etherscan blockchain explorer.
“This was the largest NFT mint in history by multiple multiples, and yet the gas used during the mint shows demand far exceeded anyone’s wildest expectations,” Yuga Labs said. “The scale of this mint was so large that Etherscan crashed.” The creators of BAYC added:
We are sorry to have turned off the Ethereum lights for a while. It seems quite clear that Apecoin will need to migrate to its own chain to scale properly. We would like to encourage the DAO to start thinking in this direction.
After explaining that Apecoin has to operate on a different blockchain, Yuga Labs mentioned that the team is aware that some users failed in the sale. “For those of you concerned, we appreciate your willingness to build alongside us – please know that we have your back and will refund your essence,” Yuga Labs concluded.
At the time of writing, Otherside NFT secondary sales have been live for over six hours now on the Opensea NFT marketplace. The bottom value of the Otherdeed collection today is 7.88 ether or 21,754 USD, at the time of writing.
What do you think of the massive land sale in the Otherside metaverse that took place on Saturday night? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.