Yuga Labs, the founding and developer company of ApeCoin and Bored Ape Yacht Club, has completed the highly anticipated metaverse land sale. Approximately $320 million was raised in the sale of virtual land, which attracted great interest .
NFT -based 55 thousand parcels to be located in the metaverse project Otherside , which is under development, are offered for sale. ApeCoin investors from all over the world received 1 parcel for 305 APE (approximately 6 thousand dollars) .
$177 million transaction fee
What you need to know about the land sale of Metaverse project Otherside
The massive demand has dramatically increased transaction fees on the Ethereum blockchain. In addition, over $177 million in total transaction fees were paid for the NFT mint transaction. The resulting popularity also led to the collapse of Etherscan.
Dropped close to 30 percent after the sale
Those who pre-registered before April 1 and met the requirements for identity verification were eligible to participate in the sale. Meanwhile, the ApeCon price dropped after the sale. Seeing $22.5 before the sale, APE finds buyers at $16.40 , decreasing by 27 percent as of 18.40 TSI .
6 thousand dollar parcels are sold for 18 thousand dollars
Finally, each of the parcels in question is listed on OpenSea with a base price of 6.5 ETH . That’s $18,000 compared to the selling price of $6,000.
Is it a new blockchain for ApeCoin?
In a statement made today from the Yuga Labs team, it was stated that ApeCoin should switch to its own chain, citing the problems experienced in Ethereum. “It seems very clear that ApeCoin will need to migrate to its own chain in order to scale appropriately,” the statement said. We want to encourage the DAO to start thinking in that direction.” it was said. Upon this announcement of Yuga Labs, Emin Gün Sirer, the founder of Avalanche’s developer company Ava Labs, invited the project to Avalanche.
A statement was published from the official account of Immutable X, emphasizing that BAYC does not need a new Ethereum copy chain. It was also stated that a proposal will be made in the ApeCoin DAO to reveal how BAYC can go mainstream without risking the security or decentralization of assets.
