Yuga Labs Metaverse ‘Otherside’ Sells Over $245 Million Worth of Digital Real Estate

• The mint was only open to pre-registered people before April 1.
• The Otherdeed NFTs are primarily expected to represent the territory.

Over $310 million was raised in its much-anticipated NFT release this weekend for Yuga Labs’ new Metaverse, created by the creators of Bored Ape Yacht Club. On April 30, Yuga Labs began minting Otherdeeds NFTs for pre-approved wallets, making 55,000 NFTs accessible. At 305 APE each, Yuga’s drop brought in more than $310 million into its bank account at the moment of minting. Furthermore, the project, 2 hours after opening its Otherside Metaverse, has already sold over $245,000,000 in digital real estate.

The Otherdeed NFTs are primarily expected to represent the territory in the Otherside Metaverse. Before recently, the price of Otherdeeds remained unknown since they could only be acquired in ApeCoin (APE). While this was expected to raise APE’s price.

For a fan of high-profile NFT brands like Bored Ape Yacht Club, Meebits, Cool Cats, and CryptoPunks, one will be excited to see Otherside in action. With the help of Hong Kong-based venture finance firm Animoca Brands, Yuga Labs is working on a Metaverse game.

However, NFTs were sold at a fixed price, even though the initiative was initially planned to be launched through a Dutch auction. In order to prevent a gas battle of historic proportions during what was intended to be one of the biggest NFT mints in history, however, this idea was eventually abandoned at one time, and Etherscan was forced to shut down due to an outage caused by the mint using more than $177 million in gas costs.

The mint was only open to pre-registered people before April 1 and met the KYC criteria. One needed ApeCoin (APE) to buy the deeds, a cryptocurrency introduced in March by ApeCoin DAO.