Yuga Labs' Otherdeeds Sold Out as the Startup Cashes in Over $320M
Yuga Labs, the blockchain startup in charge of the Bored Ape Yacht Club (BAYC) Non-Fungible Token (NFT) collection and ecosystem has made history yet again with the successful sales of Otherdeeds, the gateway to the Otherside metaverse announced back in March
Yuga Labs, the blockchain startup in charge of the Bored Ape Yacht Club (BAYC) Non-Fungible Token (NFT) collection and ecosystem has made history yet again with the successful sales of Otherdeeds, the gateway to the Otherside metaverse announced back in March. Drawing on the minting price of $305 ApeCoins (APE), and the total 55,000 Otherdeeds up for sale, the startup pulled in over $320 million in revenue.
Just as the Bored Ape project is renowned for its massive hype, the build-up to the Otherside launch was filled with a lot of speculation in the community. Yuga Labs did not unveil the modalities through which the launch will take place. In the absence of certainties, potential collectors prepared for a Dutch Auction, however, considering the complexities and the demand, the Yuga Labs team placed the minting price at a flat 305 APE (worth approximately $5,800 at the time of the sale).
As expected, there was a massive gas war with data showing users paying up to $4000 to $10,000 in fees, a range that naturally prevented a lot of prospective collectors from participating in the sale. Nonetheless, the available 55,000 Otherdeeds were sold out to over 27,000 collectors, while the remaining 45,000 are reserved for claiming by BAYC and Mutant Ape Yacht Club (MAYC) owners within a 21-day period.
Yuga Labs has continued to add value to its community, which has now expanded to include the CryptoPunks and Meebits NFT collections also. With the Otherdeeds granting holders access to metaverse lands in the Otherside, many more discoveries remain for Bored Ape to unravel in the near future.
While the price of the APE tokens grew in tandem with the massive demand leading up to the Otherdeeds sale, it has generally tapered down by 19.07% to $16.35 at the time of writing. Moving into the future, Yuga Labs said it is considering migrating the Otherside metaverse away from the Ethereum blockchain into its own Layer-1 protocol in order to tackle the gas fee challenge once and for all.
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