One word to describe this drop: Wild success. Yuga Labs’ long-awaited Otherside NFT just hit the stratosphere at the release date with record-breaking sales of $317 million.
The drop even crashed Ethererscan, Ethereum’s blockchain explorer and pushed gas fees to 8,000 GWEI – an impressively high figure. At the press time, the price has plummeted to below 5,000 GWEI.
The Otherside of Success
On Saturday, Yuga Labs started selling virtual lands on the Metaverse “Otherside.” In less than one hour after opening for sale, the team generated over $100,000,000 in digital real estate. In less than 24 hours,
Yuga Labs brought in over $561 million from the standalone Otherside’s “Otherdeed” NFT sale. The breakthrough sale volume has brought BAYC back to the top of NFT collections.
The drop included 55,000 Otherdeeds out of a total of 100,000 minted NFTs. Each NFT, worth 305 APE tokens, was sold out shortly.
The remaining 45,000 NFT will be distributed through airdrop to BAYC and MAYC NFT holders. Owners of BAYC NFT and MAYC NFT can also acquire free virtual land for 21 days following the sale.
Buyers were required to pass KYC identification verification as well as have a pre-approved wallet address on the project website in order to participate in the NFT minting.
These NFTs will grant buyers ownership and land usage rights in Yuga Labs’ Metaverse Otherside, a virtual world built on blockchain technology.
These NFTs Sure Seem Popular
According to Etherscan, gas fees on the Ethereum network increased significantly during the sale, reaching up to 8,000 GWEI. It can be explained by the fact that people were bidding on NFTs at the same moment in order to acquire one.
To put it another way, each user paid between $4,000 and $10,000 for an Otherside NFT.
Many users, however, were unable to properly mint because to the excessive mint fees.
Scalability remains a big concern for any Ethereum-based NFTs. According to Yuga Labs, the Otherside seeks to move from Ethereum to the team’s self-built Layer 1 blockchain in order to avoid a gas race and boost scalability.
Role Model for NFT Collectibles
Since the beginning, Yuga Labs has taken center stage.
There are many factors that contributed to the success of the team’s NFT offerings, including celebrity interest, word of mouth, and attractive visuals. But, more significantly, the intellectual property that the team grants BAYC holders is the game changer.
Yuga Labs has now released Metaverse Otherside, which is an extra effort to increase the value of BAYC NFT.
Yuga Labs successfully raised 450 million USD in March, setting a new record in the NFT market seed rounds led by Andreessen Horowitz.
Many other prominent investors took part, including Animoca Brands, FTX, MoonPay, LionTree, Sound Ventures, and Thrive Capital.
According to a Yuga Labs source, the fund will be used in the future to scale the team, expand the market, and build more connections.
Yuga Labs has continued to make progress in taking the NFT field to the next level.
The emergence of competent investment funds such as a16z or Animoca Brands will undoubtedly introduce numerous outstanding products with the goal of establishing a new culture in the virtual universe.
As we can see, the community is highly optimistic about the development of BAYC NFT, MAYC NFT, and Metaverse Otherside.
Taking a closer look at BAYC NFT, MAYC NFT, Metaverse Otherside, and all the products labeled Yuga Labs, BAYC in particular, and Yuga Labs are setting a standard for valuable NFT collectibles.
Moonbirds, the NFT phenomenon that outperformed BAYC and other top projects last week, has dropped in rankings and sales volume over the previous 24 hours.
Overall the Otherside collection shows how popular NFTs are – and what a heavy hitter like Yuga labs can do in this market.