Yuga Labs Sees $561 Million in Otherside Ethereum NFT Sales Within 24 Hours

The craze caused Etherscan to crash and Ethereum gas fees to soar to thousands of dollars per transaction.

Yuga Labs, the startup behind the Bored Ape Yacht Club (BAYC) that’s valued at $4 billion, had its highly anticipated Otherside metaverse mint on Saturday night, clogging the Ethereum mainnet and sending gas prices to shocking heights.

In less than 24 hours, Yuga Labs has generated more than $561 million from just the Otherside’s “Otherdeed” NFT sales.

NFTs are unique blockchain tokens that signify ownership of a digital or physical asset. In the case of Otherdeeds, each is meant to be “the key to claiming land in Otherside,” Yuga Labs’ upcoming metaverse game.

Some 55,000 NFTs were minted at 305 APE each, which means each Otherdeed cost about $5,800 given Apecoin’s price (approximately $19) at time of mint. Yuga Labs raked in over $318.7 million from this mint alone.

Read More at Decrypt

Read the rest at Decrypt