Otherdeeds NFTs are the virtual lands of Yuga Labs’ the Otherside metaverse
On April 30, Otherdeeds, the Otherside metaverse virtual lands, sold out within minutes despite skyrocketing gas fees, generating around $320 million for Yuga Labs. Now that all deedowners have revealed their land parcels, the most expensive one sold on the secondary market for close to $1 million.
- The Otherdeeds land sale led to a dramatic rise in gas prices on the Ethereum blockchain. As a result, those lucky enough to buy one during the public sale actually experience asset value shrinking by around 10% now.
- NFT whale Punks OTC spent almost $1 million on Otherside #24, making it the most expensive Otherdeeds land parcel to date.
- Otherside NFT collection has seen 210,000 ETH or $597 million in trading volume since launch.
The Otherdeeds NFT land sale was arguably the most anticipated NFT project in the crypto world. Starting at 9 pm ET on April 30, the land sale ignited a buying frenzy immediately, causing transaction fees on Ethereum to skyrocket.
Users paid around $6,000 (305 ApeCoin) for each land parcel, plus another $6,000 in gas fees during peak hours, which adds up to a total cost of roughly 4.24 ETH on the minting day. However, Otherdeed land parcels are currently traded at 3.59 ETH at writing, which means investors who bought those NFTs at the gas peak are actually losing money.
Punks OTC bought Otherdeeds #24 for $1 million
When the sale finished, Yuga Labs, the team behind Bore Ape Yacht Club, raised about $320 million from the public sale, with a total of 55,000 Otherdeeds land parcels sold.
In the past 24 hours, Otherdeeds has generated a total trading volume of $56.41 million on the secondary market, securing the top seat on the leaderboard without any question. In terms of market cap, Otherdeeds, which was launched just four days ago, has approached $90 million, currently ranking fifth among all the collections.
On May 3rd, land #24 was sold to NFT whale Punks OTC at a tremendously high price of close to $1 million (333 ETH). The land is clearly the most expensive Otherdeeds land parcel to date. According to DappRadar’s portfolio tracking, we can see that the address named vault.punksotc.eth has a dream NFT collection, with 16 CryptoPunks, 1 BAYC, and 2 Otherdeed lands in the pocket. The rough estimate of their NFT assets holds a total value of more than $4.34 million.
Interestingly, land #24 is not even the rarest in terms of traits, ranking only 35,968 in rarity level. It doesn’t even have a koda on the land! The only guess is that 24 might be Punks OTC’s favorite number.
What does the future hold for the Otherside?
Based on the public information available, all we know is that the Otherside will be a virtual world featuring a BAYC theme. Even though Otherdeeds’ land plots provide some sort of clue for the visual style of the virtual world, it is not exactly clear how it is going to look or how it can benefit the holders of Apes, ApeCoin, and Otherdeeds.
Perhaps we should observe whether the community formed by these digital asset holders will have the power to stimulate innovation. After all, it will be more than exciting to see a business empire being built through a decentralized, bottom-up approach and in the context of Web 3.