Yuga Labs Land NFTs Sales Broke $300 Million, despite huge surge in gas fees, is competition on the horizon from Drunken Monkey Members Club

Yuga Labs Land NFTs Sales Broke $300 Million, despite huge surge in gas fees, is competition on the horizon from Drunken Monkey Members Club

Yuga Labs, the brains behind popular Bored Ape Yacht Club, sold out its Otherside Metaverse project consisting of 55k Otherdeed virtual land NFTs for $317 million within three hours. 

Since its inception two years ago, BAYC has been bringing value to its NFT community through the means of merch drops, MAYC, Kennel, Ape Coin etc. On Saturday 30 April 2022, it brought in Otherside Land, a Metaverse-themed concept to test whether Bored Ape series characters can be used into a virtual world whose parts are represented via NFTs. Through these NFTs, holders can claim their land in the Otherside Metaverse, a virtual world being built on blockchain by Yuga Labs.  

To start with, 100k Otherdeed NFTs have been launched, out of which 55k were made available yesterday to pre-approved wallets. Over 27k users bought the available NFTs. The rest of the 45k NFTs will be airdropped to the holders of BAYC and MAYC; at no additional cost. Whereas, those that got whitelisted had to pay  a flat price of 305 ApeCoin for each NFT.  

Due to the popularity of the project, the Otherdeed NFT minting caused gas fee to soar to 8k GWEI and, at one point, Etherscan crashed. However, this gas war was favorable for miners who made $172 million in transaction fees. 

Another NFT project making shapes within the space is Drunken Monkey Members Club (D.M.M.C) After their private round sold out in less than 20 minutes only 3 weeks ago at a price of 0.1 ETH, trading volume has been gradually increasing and are now being purchased on the open market for anything between 0.45 and 3 ETH. 

D.M.M.C started out less than a month ago with 1000 NFTs, wherein each NFT represents a unique multi-featured monkey character, as well as, a membership pass that can be used to access a lifetime of concierge services around the world. 

While most of the NFT enthusiasts start by focusing on the disrupting virtual world (aka Metaverse), D.M.M.C club is exploring ways to provide real-world value and offer lifetime free concierge services that can cost anything up to $20,000 per year in the traditional world.. D.M.M.C Proof of ownership will grant access to the Drunken Monkey Concierge app via Web3 integration, this is due to launch on IOS at the end of the second quarter of 2022

Although D.M.M.C is in its infancy, the waves which are being made show a strong adoption towards both the digital art and the concierge concept, over 50 ETH has been traded on their open market via Opensea since launch and this doesn’t look like slowing down anytime soon.. Further down their roadmap D.M.M.C has set clear plans to create the first fully-fledged Hospitality Metaverse consisting of world famous Restaurants, Bars and Beach Clubs. D.M.M.C NFTs are part of the 9995 collection which will be rolled out during the coming few months as part of their plan to disrupt the concierge industry.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice 

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