Otherdeeds of Yuga Labs Sold as Startup Raises Over $320M

　　Yuga Labs, the blockchain startup in charge of the Bored Ape Yacht Club (BAYC) Non-Fungible Token (NFT) collection and ecosystem, has made history yet again with the successful sale of Otherdeeds, the doorway to the Otherside metaverse, which was revealed in March. The firm made around $320 million in revenue based on the minting price of $305 ApeCoins (APE) and the total 55,000 Otherdeeds for sale.

　　The build-up to the Otherside debut was packed with a lot of speculation in the community, just like the Bored Ape project was. Yuga Labs did not reveal the methods by which the launch will take place. In the absence of certainty, interested collectors braced themselves for a Dutch auction; however, given the complications and demand, the Yuga Labs team set the minting price at a fixed 305 APE (worth around $5,800 at the time of sale).

　　As expected, there was a big gas war, with statistics showing customers paying costs ranging from $4000 to $10,000, preventing many prospective collectors from participating in the sale. Despite this, the allotted 55,000 Otherdeeds were sold out to over 27,000 collectors, with the remaining 45,000 held for BAYC and Mutant Ape Yacht Club (MAYC) owners to claim within 21 days.

　　Yuga Labs has continued to offer value to its community, which now includes the CryptoPunks and Meebits NFT collections as well. With the Otherdeeds providing bearers access to metaverse territories in the Otherside, there are bound to be many more discoveries for Bored Ape to make in the near future.

　　While the price of APE tokens rose in unison with the high demand preceding the Otherdeeds sale, it has now fallen by 19.07 percent to $16.35 at the time of writing. In the future, Yuga Labs has stated that it is considering moving the Otherside metaverse away from the Ethereum blockchain and onto its own Layer-1 protocol in order to solve the gas fee problem once and for all.

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