On April 30th, 2022, at 9 pm, the massively popular Bored Ape Yacht Club threw a luscious party to introduce their metaverse game, the ‘Otherside’, to reality.
The bored Ape Yacht Club sold its first NFT on April 23rd, 2021, when it first started minting its signature NFTs. The sale was so popular that Yuga Labs, the creator of the bored ape NFTs, sold out within 12 hours, selling 10,000 NFTs at .08 Ethereum (ETH).
Ground Floor Investment
If you’re new to the NFT investment scene, it’s easy to get overwhelmed by the idea that a digital product can cost hundreds of thousands or even millions of dollars. The exciting aspect of NFTs is that they can be extremely scarce and exceedingly costly. The most expensive bored ape NFT, for example, sold for a whopping 769 Ethereum or $2.3 million, and to get into the yacht clubs’ ‘otherworld’ party started at a cool $430,000 in Ethereum. Deeds in ‘otherworld’ were another expense that people snatched up at the first chance.
Ethereum Crashes-Yuga Labs Apologizes
With the bored ape yacht club party came a hustle to buy Ethereum and lots of it. The buyout was so massive that Ethereum became nonfunctional for a while. Obviously, Yuga Labs hadn’t planned on the hyperactivity surrounding their Metaverse property sale and had this to say about the Ethereum crash.
“We’re sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale,” Yuga Labs said in a tweet. We’d like to encourage the DAO to start thinking in this direction.” DAO stands for a decentralized autonomous organization whose aim is to replace the traditional hierarchy of a company.
While it’s clear that Apecoin-the currency for the bored ape yacht clubs metaverse-is created on the Ethereum blockchain, Yuga Labs was indeed surprised by the big showing for their metaverse’ Otherside.’
The influx of buyers wanting to purchase property for their ‘other side’ metaverse to use in the Bored Apes Yacht Club game was so huge that the Ethereum blockchain ‘went dark’ for a bit.
This interruption caused other Ethereum users to have issues buying Ethereum for their digital wallets and purchasing with Ethereum for some time during the BAYC’s property deed sale.
Deeds for ‘Otherside’ Land
Yuga Labs created 95,000 property deeds for their ‘Otherside’ Metaverse, 45,000 were set aside for BAYC (Bored Ape Yacht Club) and MAYC (Mutant Ape Yacht Club) owners-who will have a 21 day period in which to purchase their ‘other deeds.’
The remaining 55,000 ‘other deeds’ sold out to 27,000 collectors and hauled in a weighty $320 million in revenue. That’s not a bad payday for the NFT and virtual gaming space.
More Than Just Digital Monopoly Money
It’s easy to look at NFTs and cryptocurrency and think it’s a bit like play-acting, but when you dig under the surface, it’s a lot more sophisticated, and people are planning.
Kun Hu, the CEO of WorldMoney, had this to say about cryptocurrency and its future where blockchain technology is concerned. “With blockchain, we will put an end to the monopoly of government-issued currencies, as suggested in the title of Hayek’s work – ‘Denationalization of Money.’ Blockchain will simplify the set of concepts revolving around financial services and the complexity of the IT systems. With blockchain, we will have a cryptocurrency that is more stable and safer than any currency that has ever existed before it. This will bring about true monetary and financial freedom.”
Success Breeds Possibilities
With the massive success of the BAYC’s ‘Otherside’ property and NFT collection sales, there’s no doubt that other NFT collection creators will be looking at duplicating what Yuga Labs has accomplished. And with Yuga Labs eyeing their own Level-1 protocol blockchain for Apecoin, Ethereum may find some breathing room for smaller creative teams to scale just like Yuga was able to.
The blockchain technology behind NFTs and cryptocurrency has undoubtedly opened up a financial door that no one wants to close. As more people come to understand both the technology and its capabilities, the well of possibilities is nearly limitless for both crypto and NFTs as Web3 and the Metaverse become the new reality in the digital space.
Without a doubt, we will continue to see more NFT Marketplaces popping up and possibly see existing services like Gemini and Coinbase jump into this space as well.
Yuga Labs had such a hugely successful run for their NFT collection and their ‘Otherside’ property sale; they’ve decided to hire Discord managers, artists, and a CFO. There is also talk of BAYC NFTs appearing in different Metaverse platforms, and of course, owners of said NFTs would be able to use them interchangeably.
Whatever the future of BAYC and MAYC, there’s no doubt that Yuga Labs will go down in history as one of the first and most wildly successful creators of early NFTs.
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This post was produced by Play Louder and syndicated by Wealth of Geeks.