A new non-fungible token (NFT) collection by Yuga Labs, the Blockchain technology company behind the popular Bored Ape Yacht Club (BAYC), has already raked in hundreds of millions of dollars in revenue, according to NFT data aggregation site CryptoSlam.
Yuga Labs is developing a massively multiplayer online role-playing game (MMORPG) called Otherside.
The game aims to combine MMORPGs and Web3-enabled virtual worlds. Yuga’s new NFT coin called Otherdeed “is the key to claiming land in Otherside,” according to the project’s page on NFT marketplace OpenSea.
“Every [land has] a unique mix of environment and sediment – some containing resources, others home to powerful artifacts.”
Revenue from Other deed NFTs soared to more than $358 million on May 1 alone, according to CryptoSlam ETH.
The Otherdeed NFT Mint has sold out – we are overwhelmed by today’s demand. Apes and Mutants, the start of the 21-day claim period will be postponed until the price of gas has fallen to a reasonable level. We will tweet when the claim is opened. —(@OthersideMeta) May 1, 2022.
The massive demand for the NFT collection caused a boost in Ethereum (ETH) fees, for which Yuga Labs has apologized.
“This was by far the largest NFT coin in history and yet the gas used during the mint shows that demand has far exceeded any wildest expectations. The scale of this coin was so large that Etherscan crashed.
Sorry we turned off the lights on Ethereum for a while. It seems perfectly clear that ApeCoin needs to migrate to its own chain in order to properly scale. We want those DAO encourage thinking in this direction.
We are aware that some users have failed transactions due to the incredible demand that has pushed through Ethereum’s bottleneck. For those of you who have been impacted, we appreciate your willingness to build alongside us – know we have your back and we will reimburse you for your gas.”
Transactions with the Otherdeed Mint burned a staggering 55,863.40 ETH ($159 million), according to Ultrasound.money. The Ethereum supply tracking site also notes that the Otherdeed coin is the sixth largest ETH burn event of all time and the largest in the last 30 days.
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