The reports have just come in that a company named Yuga Labs has made an announcement about raising a huge fund. According to the company executives, they have raised $285 million. Yuga Labs is prominently known for being the creators of series of non-fungible tokens (NFTs) known as “Bored Ape”.
The teams at Yuga Labs have confirmed that they were done with the raising of the funds last Sunday.As per the sources, it is the largest mints that is considered in the history of the NFT sector.The money was raised by Yuga Labs by selling NFTs for the digital lands within the metaverse project.
Yuga Labs’ Reputation
Over time, Yuga Labs has become one of the largest companies to have sold the most value NFTs within the “Bored Ape” series. It has been coming up with very popular NFTs and now, most of the NFT gurus and investors are after it.
They want to get their hands on as many NFTs as possible coming from Yuga Labs under the “Bored Ape” series. Now, Yuga Labs is working on a metaverse project where it is selling its lands and have the entire NFT/metaverse community all excited.
EthereumBlockchain was clogged over the Weekend
The perfect example of their tremendous demand is the Ethereumblockchain getting clogged. As the investors and buyers rushed to the platform for the purchases, it ended up causing a blockage in the Ethereumblockchain.
The Ethereumblockchain remained blocked throughout the weekend but things settled as the sale closed. As a result, even the price of the ApeCoin (APE) ended up experiencing an 11% dip on Monday.
Bored Ape Yacht Club NFT
So far, the best non-fungible token collection Yuga Labs has created and offered the NFT community is the “Bored Ape Yacht Club”. The collection comprises of 10,000 cartoon apes that have been generated through the computer. Surprisingly, each ape cartoon has the potential of being worth several hundred thousand, or more.
$450 Million Funding for “Otherside”
It was back in March when Yuga Labs made an announcement about being able to generate funds worth $450 million. At that time, Yuga Labs had announced that the funds were raised for the building of the “Otherside”. It was later revealed by the executives at the Yuga Labs that the name has been given to the metaverse project, acting as a place for the Bored Apes.
$285 Million “Otherdeeds”
For now, not much is known about what Yuga Labs plans to do with the $285 million it has raised through the recent land sale. According to the executives at Yuga Labs, the money has been raised for “Otherdeeds” NFTs. For now, not much is known surrounding the particular NFTs.
However, it has been hinted that the primary use for the Otherdeeds’ NFTs could be the purchasing of the virtual lands’ plots.
NFT Price for Otherdeeds NFTs
According to information, there were a total of 55,000 non-fungible tokens for “Otherdeeds”. Each NFT sold by Yuga Labs for the “Otherdeeds” NFTs is worth $7,000 (each). The supply for the Otherdeeds NFTs was limited and the users could only purchase them with ApeCoin.
Huge Gas Fees
As the sales for the Otherdeeds NFTs began, the gas fees for each “Otherdeeds” NFTs transaction went up at a very high rate. The reports suggest that the Ethereum network faced the highest gas fees due to the activity on the weekend. According to an estimation, the investors ended up spending more than $176 million in the form of gas fees as they were purchasing the particular NFTs.
According to information, there were times when the gas fees went even higher than the cost of an Otherdeed NFT itself.The CoinDesk data has also confirmed that at times, the gas costs were double the price of the non-fungible token for Otherdeed.
Read More: NFT Marketplace Development
