Yuga Labs’ long-awaited metaverse project Otherside debuted on Saturday in a non-fungible token (NFT) land sale to generate US$285 million but also clogged the Ethereum network to cost investors millions in gas fees.
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- Traders snapped up a limited supply of 55,000 “Otherdeeds” NFTs that represent virtual land in the metaverse project.
- Available for purchase only in ApeCoin (APE), the project’s currency, each was sold for 305 APE, or roughly US$7,000 at the time.
- Both APE and the NFTs run on the Ethereum network, and gas fees related to the project tallied over US$175 million, according to reports citing Etherscan data.
- Yuga Labs has apologized for congesting the Ethereum network and suggested migrating to its own blockchain.
- After reaching its post-launch high of US$26.91 before the launch, APE dropped in value after Yuga Labs’ tweeted the NFTs would be sold at a flat price rather than a Dutch auction and was trading at US$15.86 at press time.
- Leading NFT marketplace OpenSea also recently announced they would also accept APE on its platform.
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