Yuga Labs Raised $300 Million in Cryptocurrencies

The Bored Ape Yacht Club creator, Yuga Labs, raised about $320 million in cryptocurrencies over the weekend and sold virtual land in one of the largest non-fungible token launches to date.

The Web3 company sold 55,000 digital plots of land in the next Metaverse game Otherside of  Yuga Labs. Each plot of ApeCoin costs about $5,800.

High demand for so-called Otherdeeds has caused gas prices on the Ethereum network to skyrocket. When the blockchain is congested,  each transaction requires more tokens, resulting in higher gas charges.

In fact, the post-launch fee associated with minting for Otherdeeds totaled $123 million, requiring buyers to deposit two ether tokens. This is more than the cost of the actual deed purchased, according to reports.

The company added that high demand caused some transactions to fail and refund gas charges for affected people. Yuga Labs initially planned to sell Otherdeeds at a Dutch auction so that the value of digital assets declined over time and could counter the congestion of the Ethereum network. The company abandoned the plan last week and instead chose to limit the number of certificates purchased per person or per wallet.