Yuga Labs Otherside NFTs top US$285 mln; over US$175 mln in ETH gas guzzled
Yuga Labs’ long-awaited metaverse project Otherside debuted on Saturday in a non-fungible token (NFT) land sale to generate US$285 million but also clogged the Ethereum network to cost investors millions in gas fees.
See relates article: Bored Apes creator to launch new metaverse ‘Otherside’
Fast facts
Traders snapped up a limited supply of 55,000 “Otherdeeds” NFTs that represent virtual land in the metaverse project.
Available for purchase only in ApeCoin (APE), the project’s currency, each was sold for 305 APE, or roughly US$7,000 at the time.
Both APE and the NFTs run on the Ethereum network, and gas fees related to the project tallied over US$175 million, according to reports citing Etherscan data.
Yuga Labs has apologized for congesting the Ethereum network and suggested migrating to its own blockchain.
After reaching its post-launch high of US$26.91 before the launch, APE dropped in value after Yuga Labs’ tweeted the NFTs would be sold at a flat price rather than a Dutch auction and was trading at US$15.86 at press time.
Leading NFT marketplace OpenSea also recently announced they would also accept APE on its platform.
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