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.
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.
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.
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.