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Bored Ape Yacht Club Land Sale Impact

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The sale of the board ape yacht club land has become one of the most successful NFT projects in the Ethereum blockchain. Many celebrities and well-known influential people have also supported it. With its unprecedented success, the creators of Yug Labs, BAYC, have decided to work on a new project. Under the development of Otherworld as an NFT game / metavers project, they decided to launch other seeds. The other seed is Virtual Land NFT which is available in Metaverse for otherworld settings.

A total of 200,000 Otherseed NFT will be provided. The company launched the first 100,000 on April 30, 2022. 55,000 NFTs were open for public purchase, others were airdropped to pre-registered users. That being said, the sale of this new NFT land has brought some challenges and affected the NFT world in a way we never could have imagined: Yuga Labs has made over 320 million.

Why bother with all the headline Ape Yacht Club land sales?

The sale of the land of the completely bored Ape Yacht Club did not last even an hour. Users around the world were ready to meet the requirements. To avoid unwanted traffic, Yuga Labs has introduced that only KYC-verified wallets will be eligible for sale. And each wallet can buy only two Otherseed NFTs It should have limited sales and overflow.

Still, it didn’t. Sales were at an all-time high and had a record-breaking pace. It was the fastest-selling in NFT history.

Ethereum worth about $ 200 million was burned

Unfortunately, this leads to gas wars between people. To achieve these NFTs, everyone wanted to speed up the transaction process Ethereum recently introduced the burn feature for each transaction. During transactions based on NFT land alone, people burned Ethereum worth $ 180 million, which closed at $ 200 million.

Ethereum Blockchain encounters something similar to a downtime

The traffic was so heavy that the Ethereum blockchain slowed down significantly. That was the only reason for the gas war. It takes people hours to complete a transaction, even if they fail. As a result, Ethereum jammed across the transaction chain and created a backlog for all transactions, not limited to NFT sales. This has caused significant problems. It doesn’t go down, but it certainly experiences something similar.

Yug Labs has announced the blockchain project

With such a drastic loss of Ethereum and other monetary value to users, Yuga Labs posted an apologetic comment. People did not take it lightly, saying that Yug Labs was not taking responsibility. The company has decided to work on and launch its unique blockchain infrastructure to prevent these accidents from happening again.

They promised a refund for the entire transaction but received no NFT.

Double the profit from NFT sales from the secondary market

Ethereum overload was not the only reason for the sale. People immediately took it upon themselves to list other seeds purchased on OpenSea. As a result, those who desperately wanted to buy them decided to pay about five to six times the original price.

Combined with the high Ethereum cost, this leads to huge profit growth for people on OpenSea for the same sale.

Highest ever gas fee – gas war

The gas war didn’t just stop Etherium; They have wasted thousands of dollars and many more Ethereum for humans. Of course, they could use Ethereum for something else. However, it was their choice to use it and burn them.

As a result, we’ve witnessed all-time highs in etherium gas belts. It also broke the record for the highest gas fee ever.

OpenSea set an all-time single day record with $ 450 million ETH.

With such an outstanding record, Ethereum has achieved more than নতুন 450 million in new sales milestones in the OpenSea market. Of course, Yug Labs was not entirely responsible for this, but it did play a significant role.

All-time high turnover for NFT in the first quarter of 2022

Another record possible due to the sale of NFT land is the all time high sales and transactions of NFT. In the first quarter of 2022, we saw a dramatic increase in numbers. It captures future assessments and predictions regarding the NFT world. We can expect this to increase significantly.

Bottom line – NFTs are far from the end

The bottom line is that there will be criticism that Yug Labs will face. They should have taken responsibility where it deserved. But what is done is done. All this proves one thing: NFTs have to stay here.

People may be affected by the hype surrounding NFT, but they are also moving toward value-based NFT. There was nothing wrong with trying to be bullish on otherseeds NFT land sales.

We can expect a few more projects. It can also be a valuable lesson for many NFT projects in managing their sales. Yuga Labs and their NFT land sales have had a drastic impact. We can only hope things get better from here.

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