Yuga Labs seller bags $1.5 million in rare virtual land piece sale on Otherside
The Yuga Labs Otherside metaverse project’s Otherdeed #59906, the eighth most rare virtual land piece, was purchased for a record 625 ETH ($1.5 million) on the NFT marketplace X2Y2 earlier in May 2022.
An enthusiast of NFTs purchased “n0b0dy.eth,” a coveted NFT. The seller, known as “brickandmorty.eth,” made a profit of nearly $1.49 million after purchasing the NFT for 305 Apecoins (about $6,000 at the time).
A Summary of Otherside
Yuga Labs revealed its gaming metaverse project: Otherside. The game will have plots of land in the world called Otherdeeds.
Otherside is a metaverse project that is being developed by Yuga Labs. The project is still in its early stages, but the team has already created a functioning virtual world that can be explored by anyone with an internet connection.
The world of Otherside is made up of a series of interconnected “islands” that are each owned by a different user. Users can buy and sell these islands, and they can also build on them, creating houses, businesses, or other structures.
In conclusion, the sale of Otherdeeds generated almost $320 million for Yuga. It was the most successful NFT project to date in terms of gross revenue.
45,000 Otherdeeds were also found, with 10,000 set aside for Bored Ape Yacht Club (BAYC) owners, 20,000 for Mutant Ape Yacht Club (MAYC) holders, and 15,000 reserved for Yuga and other project developers who helped to build Otherside.
In the future, there will be 200,000 Otherdeeds available in total. “Voyagers” who own Otherdeeds and contribute to its growth will receive the final 100,000.
Otherdeed NFTs Making Records
Otherdeed is in the top 10 NFT collections, earning more than $833 million within days of launching, according to CryptoSlam data. The Block Research reports that the most significant sales range from $700,000 to $1.5 million. It also refers to numbers from Dune Analytics.
The lowest price for Otherdeeds is 3 ETH ($7,200), according to the current floor price. That means no one else was willing to pay a premium of that magnitude for the Otherdeed #59906 NFT.
As a result, the high premium paid implies that n0b0dy.eth has faith in the project’s long-term success.
The specifics of the project are limited. According to Yuga Labs, it is collaborating on the project with game companies Animoca Brands and Improbable.