Biggest NFT Currency In History – Bored Ape’s Otherside Virtual Land Sale Raises $320M Cryptocurrency

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.

Biggest NFT Currency In History - Bored Ape's Otherside Virtual Land Sale Raises $320M
“Otherside is a gamified, interoperable metaverse currently under development,” the website explains. “The game combines massively multiplayer online role-playing game (MMORPG) mechanics and Web3 virtual worlds. Think of it as a meta RPG where players own the world, your NFTs can become playable characters, and thousands can play together in real time.

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.”

Biggest NFT Currency In History - Bored Ape's Otherside Virtual Land Sale Raises $320M
Statistics as of May 1, 2022 indicate that there are 28,348 other document holders. The unique holder ratio for Otherdeed holders is 0.332 and Opensea shows that the current floor value of the project is 7.88 ETH or 21,754 USD. Otherdeed secondary sales have been live for six hours since this article was written and there are 85.8,000 items available on Opensea today.

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.

Keywords in this story

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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.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 5,000 articles for Bitcoin.com News about disruptive protocols emerging today.




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