Bored Ape Yacht Club (BAYC) creator, Yuga Labs, has been making major moves in the Web3 space. From their purchase of CryptoPunks and Meebits to the ApeCoin drop, BAYC is setting a high bar for other brands in the NFT space.
Yuga Labs' Otherside Metaverse issued its first NFT drop last night to wild success.
Charging 305 APE tokens for each of 55,000 Otherdeeds, Yuga Labs brought in more than $310 million.
The price of ApeCoin retraced in the wake of the sale, however, bringing Yuga's earnings down to $287 million at press time.
In the end, on-chain data revealed the Otherdeed gas war led to the sale running up an additional $172 million in transaction fees that cost individual buyers between $4000 and $10,000. Such high mint fees caused many to complain they were unable to make purchases.