BAYC Metaverse witnesses $300 million sales at launch
The sale also resulted in a clog in the Ethereum network, driving gas fees up
By Shashank Bhardwaj
Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) NFT collection, held its much-anticipated digital land sale on Saturday, April 30th, raising approximately $285 million for the company. The metaverse project, called "Otherside," is the company's biggest launch to date.
Traders bought up a limited supply of 55,000 "Otherdeeds" NFTs, which represent titles to virtual land parcels in a future 3D social arena. Each of the lands were priced at around $7,000 and could only be purchased using ApeCoin (APE), Yuga Labs' official cryptocurrency.
The sale also resulted in some of the highest gas fees in the Ethereum network's history, with investors reportedly spending over $176 million on fees alone. There was a spike in Ethereum gas prices due to increased demand, and, as a result, transactions on Ethereum-linked services were delayed, and the Ethereum transaction tracker, Etherscan, crashed.
In the aftermath of this, the company issued a public apology: “This has been the largest NFT mint in history by several multiples, and yet the gas used during the mint shows that demand far exceeded anyone’s wildest expectations. We're sorry for turning off the lights on Ethereum for a while.”
The incident also called into doubt Ethereum's long-term viability as a host for large-scale NFT projects. Yuga Labs also suggested developing its own dedicated blockchain in its apology statement. “It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We'd like to encourage the DAO to start thinking in this direction.”
The price of ApeCoin, the APE ecosystem's native digital currency, increased by as much as 50% earlier last week as a result of the anticipation for the sale. The floor price of a Bored Ape, which was roughly $250 a year ago, had also risen to 150 ETH, an all-time high.
The Bored Ape Yacht Club (BAYC) NFT collection has become one of the most popular NFT collections, with sales of at least $1.4 billion. In March, Yuga Labs also raised $450 million in a fundraising round, valuing the company at $4 billion.
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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Atari terminates blockchain joint venture with ICICB GroupRead More..
Monero's July hard fork confirmed by its communityRead More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..