NFT

Yuga Labs – Otherside NFT sales surpass $310 million

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Yuga Labs’ new Metaverse – Otherdeed for Otherside, created by the creators of the Bored Ape Yacht Club, has taken the virtual world by storm, bringing in more than $310 million in its much-anticipated NFT drop this weekend.

Breakthrough

Yuga Labs minted its first round of Otherdeeds for Otherside NFTs on Saturday, April 30, making 55,000 NFTs available to pre-approved wallets. The drop brought in over $310 million into Yuga’s coffers at 305 APE apiece, which traded for just under $20 at the time of the mint.

The Otherdeeds for Otherside NFTs are widely assumed to represent land in the Otherside Metaverse. Otherdeeds could only be purchased in ApeCoin (APE), and their actual price was unknown until recently. The price of APE rose predictably in the weeks leading up to the mint.

Otherside is a highly anticipated Metaverse world that will include the brand imaging of a number of high-profile NFT favorites, most notably Bored Ape Yacht Club, but also Meebits, Cool Cats, CryptoPunks, and others. Yuga Labs is working on the project with Animoca Brands, the Hong Kong-based venture capital firm behind the popular but still unreleased Metaverse game, The Sandbox.

Otherdeeds for Otherside NFTs were sold at a fixed price, despite initial plans to launch the project through a Dutch auction. However, this plan was eventually abandoned in order to avoid “a gas war of historic proportions” during what was expected to be one of the largest NFT mints in history. The mint spent over $177 million in gas fees, and there was such a high demand for the NFTs that Etherscan crashed at one point.

Only those who pre-registered before April 1 were eligible to participate in the mint, which included completing KYC requirements. According to comments Yuga Labs made to Crypto Briefing last month, the deeds could only be purchased with ApeCoin (APE), which was launched in March by ApeCoin DAO—an organization that is not affiliated with Yuga Labs.

However, ApeCoin has plummeted in the aftermath of the sale, falling to under $17 and wiping out more than $23 million from Yuga’s earnings in the first few hours.

Otherdeeds were trading on OpenSea at a floor price of 6.4 ETH at the time of writing.

Important Takeaways

  • Yuga Labs’ Otherside Metaverse released its first NFT drop Otherdeeds for Otherside last night, and it was a huge success.
  • Yuga Labs earned more than $310 million by charging 305 APE tokens for each of 55,000 Otherdeeds.
  • However, the price of ApeCoin fell in the aftermath of the sale, reducing Yuga’s earnings to $287 million at the time of publication.

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