Otherside NFT Sales Breached $300 Million
As widely expected, Yuga Labs‘ Otherside metaverse land drop last night proved highly successful and surpassed $300 million.
Yuga Labs charged 305 APE tokens for every deed (presumably representing a lot in the Otherside Metaverse) on sale and there were 55,000 lots or Otherdeeds in total. As a result, the Otherside drop raked in more than $310 million in just a few hours. The ApeCoin price however retraced following the sale bringing Yuga Labs earnings on the night back to about $287 million as of the time of writing this.
The first round of the Otherdeeds was minted on Saturday, April 30 which availed 55,000 NFTs to the pre-approved wallets. Each Otherdeed cost 305 APE and the ApeCoin was trading at $20 at mint time.
The Otherdeed NFTs are expected to represent the virtual lands in the Otherside Metaverse. The Otherdeeds can only be bought using the ApeCoin (APE). This means the price of one Otherdeed was approximately just over $6,000. This actual price was largely unknown until very recently and the wild speculation almost doubled the price of APE in the run-up to the Otherside drop with the price peaking at nearly $27 a few days ago.
Otherside is undoubtedly one of the most anticipated Metaverse lands and will likely feature the brand imaging of disparate other high-profile NFT favorites such as Bored Ape Yacht Club, CryptoPunks, Meebits, Cool Cats, and others. Otherside was created by Yuga Labs in collaboration with other players such as Animoca Brands, the Hong Kong-based venture capital firm that is also behind the successful metaverse brand The Sandbox.
The Otherdeed NFTs were sold for a flat price. There had been initial plans to sell the NFTs through a Dutch auction. However, Yuga Labs eventually shelved that plan so as to prevent “a gas war of historic proportions” in what was billed as one of the biggest NFT mints ever. The mint burned up $177 million in gas fees and the demand for the Otherside was so high that Etherscan crashed at one point.
The drop was only open to those who had pre-registered before April 1. Participants had to undergo KYC requirements to be eligible for a piece of the action in the mint.
The Otherdeeds were only available for purchase using ApeCoin (APE). ApeCoin was launched in March this year by ApeCoin DAO, a separate organization that is not connected to Yuga Labs.