Bored Ape Yacht Club Raises $320M with “Otherside” Land Sale
Yuga Labs, the creators of the now infamous Bored Ape Yacht Club, launched a sale of virtual land on Saturday causing a frenzy on the Ethereum network.
55,000 plots of land were sold in a public sale to eligible participants for 305 $APE coin. The sale caused gas prices to spike to unprecedented levels forcing buyers to spend upwards of 2ETH ($6,000) just in transaction fees in order to secure a deed for othersidemeta .
The team raked in close to $320 million dollars from the sale while simultaneously burning more than $160 million dollars of ETH on gas fees alone. Many members of the web3 community voiced their concerns and were met with the following response from Yuga:
“We’re sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We’d like to encourage the DAO to start thinking in this direction.”
L2 scaling solution Matic (formerly Ploygon) announced on Monday that they are now supporting $APE coin on 19,000+ dApps and games. Will they win the bid to be the official provider for the BAYC chain?
Let us know your thoughts in the comments below 👇