On Sunday, May 1, Yuga Labs, behind the Bored Ape Yacht Club (BAYC) NFT collection, launched the Otherside metaverse. All Otherdeeds tokens were sold out in less than three hours.

Yuga Labs noted “unprecedented” demand for Otherdeeds NFT that exceeded “the wildest expectations”. The team apologized for failed transactions on Ethereum and promised to recoup gas costs.

“Obviously, ApeCoin needs to migrate to its own chain in order to scale properly. “We encourage Yuga Labs, the DAO, to think along these lines.”

ApeCoin (APE), a token associated with the BAYC ecosystem, dropped 30% with the launch of Otherside. At the time of writing, the asset is trading at $17.

The largest NFT marketplace OpenSea announced the addition of ApeCoin as a payment method, 12 hours before the launch of Otherside.

Yuga Labs has released 55,000 NFT Otherdeeds for the price of 305 APE. The project team is a mandatory KYC– verification of buyers and limit on the number of tokens that can be purchased – 2 NFTs per address.

Originally, Otherdeeds was planned to be distributed as part of a Dutch auction, but this method was abandoned due to its inefficiency.

Recall that in March, Yuga Labs released a video with the announcement of Otherside, featuring characters from the BAYC and MAYC collections, as well as CryptoPunks and Meebits. The project team bought the rights to the latter a few days before the meta-universe was announced.

That same month, Yuga Labs raised $450 million in a $4 billion valuation round, including the creation of Otherside.

In April, Bitcoin exchange Coinbase announced the casting of NFTs from the BAYC collection, which will be used in the upcoming three-part movie The Degen Trilogy. The first episode will air at the end of June.