BAYC Metaverse land sales cost fans $181 million in transaction fees

Credit image: bored ape otherside scene tease from YugaLabs

On Saturday, Ethereum gas fees surged as Bored Ape fans tried to mint NFT land parcels in the anticipated OtherSide Metaverse project proposed by Yuga Labs. The virtual world of OtherSide is made up of 200,000 plots of land. The demand was so high that it caused the Ethereum fees to spike for simple transactions. The total cost to mint Otherdeed NFT reached $181 millions in gas fees, making Ethereum miners the biggest winners of the demand.

In other crypto-based games like Upland powered by EOS blockchain, which offer plots in virtual land, it would have cost zero trx fee for users. In case of high demand for network resources (cpu, ram), network token holders would have also benefited from the craze

Yuga Labs raised about 320 million worth in cryptocurrencies, making it the largest offering in the NFT space. In march, the firm announced that they bought the intellectual property of 423 CryptoPunks and 1,711 Meebits collections from Larva Labs.

What's your take on the metaverse craze?

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