Bored Ape Yacht Club creator’s metaverse mint rocks the Ethereum blockchain

An illustration of a Bored Ape at the center of a vortex pulling in Meebits and CryptoPunks.
Illustration by Alex Castro / The Verge

Yuga Labs, the web3 company behind the Bored Ape Yacht Club, disrupted the entire Ethereum blockchain as a flood of users rushed to purchase NFTs representing virtual plots of land in its upcoming metaverse project, Otherside. A total of 55,000 Otherdeeds sold at a flat price of 305 ApeCoin, or around $5,800 at the time of purchase (via CoinTelegraph), raising about $320 million in what was considered the “largest NFT mint in history.”

Otherdeeds are minted in BAYC’s native ApeCoin, but still require Ethereum for gas fees. A gas fee is the cost associated with a transaction on the Ethereum blockchain. Fees typically increase as the network gets more congested, as it becomes more work to process a transaction.

Such a large volume of…

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Author: Emma Roth