NFT News: Otherside Land NFT Mint Sale Breaks Record Rakes In $317 Million

Otherside metaverse project created by Yuga Labs, the creators of the world’s most prestigious NFT sets.

Sold out all the available 55,000 ‘Otherdeed’ land NFTs within three hours of its public sale on Saturday.

iexclusivenews reports that Otherside’s official Twitter account, explained that participating investors in the land sale bought all the NFTs in the offering.

The dominating currency for the sale was Yuga Lab’s recently launched token, the ApeCoin.

The mint price was 305 ApeCoin, worth about $5,800 at the time of mint.

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It brought in 16.7 million ApeCoin which is, as of the time of the sales, equivalent to $317 million, making it a record-setting NFT mint.

A mint is a public offering in which NFTs are sold through a smart contract on a blockchain like Ethereum.

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What You Need To know

Buyers had to go through a Know Your Customer (KYC) check and have their crypto wallets approved on the project’s website.

The NFTs will grant owners the opportunity to claim territory in Yuga Labs’ Otherside metaverse.

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A blockchain-based virtual world being constructed by the company behind the popular Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFT collections.

Holders of BAYC and MAYC are expected to be allowed to claim free land for a period of 21 days.

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Over 27,000 people acquired the 55,000 Otherdeed NFTs that were available out of a total of 100,000.

The remaining 45,000 will be distributed through an airdrop to current BAYC and MAYC NFT holders.

According to data from the Etherscan block explorer.

The Otherdeed mint caused gas fees on the Ethereum network to jump to 8,000 GWEI ($0.020439) as a highly awaited NFT release.

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This was the consequence of a ‘gas war.’ In which a large number of Ethereum users attempted to buy NFTs at the same time. And outbid each other using the network’s transaction fees.

As was the case with the mint, such bids can lead blockchain fees to skyrocket.

According to on-chain data, the Otherdeed gas fight cost the sale an extra $172 million in transaction fees.

Costing individual buyers between $4000 and $10,000.

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Many people complained that they couldn’t afford to buy anything because of the hefty mint fees.

Yuga Labs was chastised on Twitter by Ethereum developer Foobar for developing a smart contract that was not optimized for gas battles.

In response to the gas war, Yuga Labs speculated that the Otherside metaverse would be considering switching from Ethereum to its own Layer 1 blockchain in order to enhance scalability.