Laugh now, but one day we’ll be in charge
Bored Ape Yacht Club’s launch of the Otherside metaverse becomes the largest NFT mint in history, raising $320m.
This NFT offering was no boring affair – $100m in sales was made in just 45 mins, eventually selling out for an eye-watering $320m. All sales were made in BAYC’s native token APE, with each plot of land costing 305 APE, roughly $5k based on the token’s price on Saturday. All 55k plots of land sold, making it the biggest NFT offering in history.
The apes gave Ethereum’s blockchain a run for its money. Gas fees went through the roof, costing investors a whopping $123m worth of ETH – almost half the money made from the land plots. One unlucky user is reported to have spent $43k ETH to mint just two NFTs. In response to the frenzy, Yuga Labs agreed that APE needed its own chain to run on.
Is Otherside a bit of a banana republic, though? ApeCoin dumped hard on Sunday, falling 20% to basically wipe out any of the gains investors had made in the build-up to the metaverse launch. However, Otherside land plots are already selling for over $10k on OpenSea, so it seems the apes may have outwitted the market yet again.
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