Apes swing into the metaverse, ape prices go bananas

Laugh now, but one day we’ll be in charge

Bored Ape Yacht Club’s launch of the Otherside metaverse becomes the largest NFT mint in history, raising $320m.

This NFT offering was no boring affair – $100m in sales was made in just 45 mins, eventually selling out for an eye-watering $320m. All sales were made in BAYC’s native token APE, with each plot of land costing 305 APE, roughly $5k based on the token’s price on Saturday. All 55k plots of land sold, making it the biggest NFT offering in history.

The apes gave Ethereum’s blockchain a run for its money. Gas fees went through the roof, costing investors a whopping $123m worth of ETH – almost half the money made from the land plots. One unlucky user is reported to have spent $43k ETH to mint just two NFTs. In response to the frenzy, Yuga Labs agreed that APE needed its own chain to run on.

Is Otherside a bit of a banana republic, though? ApeCoin dumped hard on Sunday, falling 20% to basically wipe out any of the gains investors had made in the build-up to the metaverse launch. However, Otherside land plots are already selling for over $10k on OpenSea, so it seems the apes may have outwitted the market yet again.

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