On Saturday, the creator of the Bored Apes Yacht Club collection of the NFTs- Yuga Labs, launch a sale. There is no doubt about the fact that this is one of the most anticipated metaverse project and it is safe to say that the sale successfully demonstrated the hype. Apart from raising around $320 million value of cryptocurrency, the demand was so insane that the event caused ripple effects throughout the Ethereum blockchain. As a result, there was a disruption in activity and a surge in transaction fees.
ApeCoin cryptocurrency holders, who verified their identities, competed to purchase deeds for 55,000 parcels of virtual land in Otherside. Otherside is the planned metaverse game of the project and can be considered as a newbie extension in the Bored Ape franchise. The Ethereum based NFTs called Otherdeeds had already assumed that the interest for the plots would be quite strong and hence they increased the ApeCoin prices before the sale last week.
— bartnotsimpson.eth 🚀 (@bartnotsimpsonx) May 1, 2022
After the transaction costs or “gas fees” soared after the sale went live at 9 p.m. New York time, the cost of each plot for a buyer was around $5,800 including ApeCoin’s Saturday price of $19 plus transaction costs. There was a heavy demand and the transaction costs just for minting Otherdeed NFTs reached around $123 million. According to data from Etherscan, each Otherdeed required around $6000 or 2 Ether in transaction fees to mint.
The founder of decentralized lending protocol DeFiner, Jason Wu, said that the virtual land sale by Yuga Labs is the highest NFT launch he has seen that triggered one of the highest escalation in Ethereum transaction fees.
The popularity of ApeCoin is increasing and it’s gradually becoming a widely used app among the many web 3 apps. Many apps have tried selling virtual land for cryptocurrency before, but there have always been just a small number of users and transactions.
The release date for Otherside has not been disclosed yet. The Otherside platform will be built with the help of metaverse software company Improbable.