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How Gas Prices Impacted the Otherdeeds Metaverse Land Grab

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While Warren Buffett and Charlie Munger were reaffirming their negative views of cryptocurrency this weekend, Yuga Labs cashed in on the metaverse land grab.

Yuga Labs, the company behind Bored Ape Yacht Clubs, released NFTs dubbed Otherdeeds, which represent plots of land in its Otherside metaverse project. The sale made the company around $300 million, with 55,000 NFTs selling out.

But there was one hiccup, and it’s the same one that has you clutching your wallet every time you fill up the tank.

Watch Ross Mac of Maconomics break down how gas prices impacted Yuga Labs’ metaverse land grab in the latest episode of the Crypto Minute on TheStreet.

FULL VIDEO TRANSCRIPT BELOW:

Stocks have been down, but that isn’t slowing the momentum of some NFT projects.

It’s ya boy Ross Mac and this is what crypto investors are watching on Monday, May 2.

Yuga Labs, the company behind Bored Ape Yacht Clubs, released NFTs dubbed Otherdeeds, which represent plots of land in its Otherside metaverse project. The sale made the company around $300 million, with 55,000 NFTs selling out.

The Otherdeeds were minted in Ape, but used Ether for the gas fees. Gas fees are the costs that come with making a transaction on Ethereum's network, and that cost increases as the network becomes busier. Since the release of Otherdeeds, which caused gas fees to skyrocket and disrupted activity across the blockchain.

But the ripple effects have now impacted Ape Coin, which was hammered after the NFTs sold out. But while there were multiple hiccups throughout the process, the rush to get an Otherdeed NFTs shows that no, NFTs are not dead.

It’s your boy Ross Mac and that was the Crypto Minute on TheStreet.

TheStreet's Crypto Minute is brought to you by Blockchain.com.

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