Yuga Labs, the pioneering company behind ApeCoin and Bored Ape Yacht Club, has successfully concluded its eagerly awaited metaverse land sale.
The sale of virtual land garnered significant attention and resulted in raising approximately $320 million.
The metaverse project, Otherside, currently in development, offered 55 thousand NFT-based parcels for sale.
ApeCoin investors worldwide were eligible to acquire one parcel for 305 APE (equivalent to approximately $6,000).
$177 million transaction fee
The substantial demand has resulted in a notable increase in transaction fees on the Ethereum blockchain. Additionally, the NFT mint transactions alone accumulated over $177 million in total transaction fees. The extraordinary popularity of the event also led to a temporary collapse of Etherscan, a widely used blockchain explorer.
Dropped close to 30 percent after the sale
Participation in the sale was limited to those who pre-registered before April 1 and completed the necessary identity verification.
Despite this, the price of ApeCoin witnessed a decline post-sale. Initially priced at $22.5, APE experienced a decrease, with buyers acquiring it at $16.40, reflecting a 27 percent decrease as of 18:40 local time.
6 thousand dollar parcels are sold for 18 thousand dollars
In the end, each of the parcels in question is currently listed on OpenSea with a base price of 6.5 ETH, translating to $18,000, compared to the initial selling price of $6,000.
Is it a new blockchain for ApeCoin?
In a statement released today by the Yuga Labs team, it was indicated that ApeCoin should transition to its own blockchain due to the challenges faced on Ethereum. The statement emphasized, “It seems very clear that ApeCoin will need to migrate to its own chain to scale appropriately.
We want to encourage the DAO to start thinking in that direction.” In response to this announcement, Emin Gün Sirer, the founder of Avalanche’s developer company Ava Labs, extended an invitation to the project to join the Avalanche network.
In an official statement, Immutable X emphasized that Bored Ape Yacht Club (BAYC) does not necessitate a new Ethereum copy chain. The statement also outlined plans to propose a solution within the ApeCoin DAO to explore how BAYC can achieve mainstream adoption without compromising the security or decentralization of its assets.
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