The Otherside meta-universe project sold out all 55,000 NFT within three hours after the public sale began. As previously reported, only ApeCoin cryptocurrency was accepted during the auction.
The price of the token started at 305 ApeCoin, which was worth about $5,800 at the time of the release.
The sale brought in a total of 16.7 million ApeCoin worth $317 million.
Buyers had to pass a Know Your Customer (KYC) check and pre-specify their cryptocurrency wallets on the project’s website.
NFT gives buyers the right to claim land in the Otherside meta universe, a blockchain-based virtual world being developed by the creator of the popular NFT Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) collections Yuga Labs.
More than 27,000 users have purchased 55,000 NFT Otherdeed out of a total of 100,000. The remaining 45,000 are included in the giveaway for BAYC and MAYC NFT holders who, in addition, will be able to claim free land for a 21-day period.
The frenzy of demand for NFTs and fee increases by users has resulted in higher gas fees. Data online shows that the Otherdeed gas war resulted in $172 million in additional spending on commissions, with individual customers having to pay fees ranging from $4,000 to $10,000.
Of course, many users were unhappy with this state of affairs because they were unable to participate in the bidding. After that, Ethereum developer Foobar criticized Yuga Labs for writing a smart contract that was not optimized for gas wars.
Yuga Labs employees, in turn, said that the Otherside meta-universe could switch the blockchain from Ethereum to its own Tier 1 network.