Tag: otherdeeds

Yuga Labs' Otherdeeds Sold Out as the Startup Cashes in Over $320M

Yuga Labs, the blockchain startup in charge of the Bored Ape Yacht Club (BAYC) Non-Fungible Token (NFT) collection and ecosystem has made history yet again with the successful sales of Otherdeeds, the gateway to the Otherside metaverse announced back in March. Drawing on the minting price of $305 ApeCoins (APE), and the total 55,000 Otherdeeds up for sale, the startup pulled in over $320 million in revenue.

Just as the Bored Ape project is renowned for its massive hype, the build-up to the Otherside launch was filled with a lot of speculation in the community. Yuga Labs did not unveil the modalities through which the launch will take place. In the absence of certainties, potential collectors prepared for a Dutch Auction, however, considering the complexities and the demand, the Yuga Labs team placed the minting price at a flat 305 APE (worth approximately $5,800 at the time of the sale).

As expected, there was a massive gas war with data showing users paying up to $4000 to $10,000 in fees, a range that naturally prevented a lot of prospective collectors from participating in the sale. Nonetheless, the available 55,000 Otherdeeds were sold out to over 27,000 collectors, while the remaining 45,000 are reserved for claiming by BAYC and Mutant Ape Yacht Club (MAYC) owners within a 21-day period.

Yuga Labs has continued to add value to its community, which has now expanded to include the CryptoPunks and Meebits NFT collections also. With the Otherdeeds granting holders access to metaverse lands in the Otherside, many more discoveries remain for Bored Ape to unravel in the near future.

While the price of the APE tokens grew in tandem with the massive demand leading up to the Otherdeeds sale, it has generally tapered down by 19.07% to $16.35 at the time of writing. Moving into the future, Yuga Labs said it is considering migrating the Otherside metaverse away from the Ethereum blockchain into its own Layer-1 protocol in order to tackle the gas fee challenge once and for all.

Yuga Labs Comes up With New Condition For Meebits NFT Sales

Following the CryptoPunks acquisition in March, non-fungible token (NFT) giant Yuga Labs will now receive 5% on all secondary sales conducted by Meebits.

The 3D voxel character creator, Meebits took to its Twitter page to announce the new move. According to the post, the move is necessary to help keep the Meeb party going.

In March, NFT behemoth Yuga Labs acquired the intellectual property (IP) rights to Crypto Pinks and Meebits NFTs from Larva Labs. The NFT giant took possession of 423 CryptoPunks and 1711 Meebits at the time. Through the acquisition, Yuga Labs gained ownership of the brands, copyright in the art, and other IP privileges. 

The merger provided Meebits and CryptoPunks holders with equal commercial rights as holders of Yuga Labs’ previous collections. Although Yuga Labs is the designer and creator of Bored Ape Yacht Club (BAYC), the holders of Meebits and CryptoPunk NFTs are not obligated to take on the model which the club utilizes.

Yuga Labs explained that the merger is a window to align both collections with the Web3.0 ethos. The NFT giant advised other developers and community creators to induct both CryptoPunks and Meebits into their Web3.0 projects.

“By handing over these rights, we’re further aligning CryptoPunks and Meebits with the web3 ethos, and we expect a wide range of third-party developers and community creators to incorporate CryptoPunks and Meebits into their web3 projects. We’ll be building the overall brand right alongside them.” the announcement read.

Yuga Labs Charges a 5% Royalty Fee on Meebits NFTs

Since the acquisition, Yuga Labs along with its legal team has been working on drafting new terms and conditions for the CryptoPunks and Meebits holders. Most previous NFT collections connected to Yuga Labs all had royalty charged on them. 

For Bored Ape Yacht Club and Bored Ape Mutant Club, a royalty of 2.5% is charged. Otherdeeds, the NFT connected to the Otherside virtual land plots charges 5% as royalty. Now, Meebits has joined the train and has now been made to pay a 5% royalty fee on all its NFT secondary sales.

Meanwhile, Yuga Labs investors are compiling a lawsuit with legal firm Scott+Scott to sue the NFT giant who they accused of instigating the community to invest in BAYC collection. The draft is yet to be completed and filed, as Scott+Scott is still trying to gather affected investor to solidify its class action lawsuit.

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