The next stroke of luck of the creator of BORED APE: Sale of land in an open meta verseum

The start-up behind Bored Ape Yacht Club, the non-fungable token collection of digital art, which was bought up by celebrities and crypto enthusiasts for millions of dollars, has an ambitious new idea with which it has already done a fortune.

The Yuga Labs based in Miami creates a so-called meta-verse-a spacious virtual playground on which 3D avatars can mix. The concept has become the latest obsession for big-tech companies such as Facebook mother Meta and Microsoft. Virtual properties in Yuga's upcoming meta person called "Otherside" were recently sold for a total of $ 300 million.

The company sees its vision as an "open" alternative to the platforms that Silicon Valley companies have built up like Apple and Meta. Yuga will enable the owners of his Apes and other NFT characters such as Cool Cats or World of Women to interact with each other and play games so that everyone can share the virtual space.

"We saw how Walled Garden and closed networks exploit people who spend time for the services, for the benefit of a few," said Nicole Muniz, Managing Director of Yuga Labs.

"We believe that by enabling ownership in an open network, Otherside will attract creators and become a world that has something to offer for everyone," she added.

But Yuga's first jump into the meta person has already disclosed the limits of blockchain technology. When virtual land in the Otherside was sold as NFTs last month-tokens that verify the ownership of digital assets using the blockchain-the properties known as "Otherdeed" were sold out in a record-breaking $ 300 million publication, whereby everyone was pronounced besides the richest.

The company was overwhelmed after the Ethereum Blockchain network, through which Yuga's land was sold, was overloaded and the transaction fees rose to thousands of dollars.

with a value of up to $ 5 billion in a financing round recently led by the Andreessen Risk capital group, Yuga is one of the most valuable start-ups that have emerged from a year of hectic speculation about NFTs.

works of art by Bored Ape can be sold for millions of dollars a piece after they originally came on sale a year ago for about $ 250. Meanwhile, Otherdeed is already one of the most traded NFTs and have been the first collection at a certain point in time, which achieved a total value of 1 billion USD.

YUGAS OTHERSIDE, which is developed in partnership with the start-up IMPREBABLE based in London, wants to be a space that differs from the technology companies that are now monopolizing many digital life.

Both avatars from non-Yuga-NFT collections as well as objects that were bought on the game market place will be transferable, said IMPREBLE managing director Herman Narula.

"You will be able to move yourself, your avatar, your assets between these worlds and even between other worlds of other companies," he said. "It is a really fundamental part of what we have agreed with Otherside."

Instead of lifting Apple or Google a fee of 30 percent that companies collect for items purchased in their app stores, brands can use the blockchain to set their own fees for trading with virtual articles.

But the blockchain has caused problems for this egalitarian structure, since the demand for the 55,000 Otherside tokens, the APECOIN crypto draft supported by Yuga cost around $ 6,000, far exceeded.

This imbalance meant that the prices in the Ethereum network fell into the height and failed thousands of transactions. The value of apecoin has more than halved since its climax last month.

While it was lucrative for both Yuga and for existing owners of Bored Ape, who received the NFTS free of charge, those who managed to buy OtherDEDs were thrown into a pot that cost almost as much as the tokens themselves.

"It is a place where the rich are getting richer [Others] are left behind," said Parth Jain, a 20-year-old medical student.

Jain has put all of his savings in Apecoin to take part in the sale, but not enough Ethereum cryptocurrency (ETH) aside to pay the "gas fees" that the blockchain needs to complete the purchase.

Standard gas fee rates are determined at the time of purchase and the prices rise depending on how many use the network. Those who want to skip the queue can offer to pay a higher benzine fee than required.

The computers that verify transactions are more likely to approve payments with higher fees, since everything that lies above the basic set serves as a "tip" for maintaining the blockchain. But if an NFT collection is sold out before a transaction has been approved, the buyer remains without NFT and also loses the gas fee.

According to the Hildobby of Dune Analytics, more than 60,234 ETH ($ 150 million) for gas fees were spent on the etherside sale. Around 14,000 transactions failed and 1,635 ETH ($ 4.7 million) was lost in these transactions, as an analysis of Sealaunch on Dune Analytics shows.

Yuga has promised to reimburse those who were calculated gas fees, but the transactions of which have not been completed before the Otherdeed were sold out.

An investor from Bored Ape, which is known under the pseudonym Quit.pcc.eth, spent 2 ETH (almost $ 6,000) in gas fees to secure two other acts.

"The community feels calm in the dark, we don't know whether the game is weeks, months or years away," he said. "I see a lot of trust, frustration and disappointment around the sale. A good product is enough to have everyone forgotten, but the responsibility is [Yuga]."

Yuga did not say when Otherside will be released. IMPREUBABLE, which is also supported by Andreessen Horowitz and Softbank, said that his Meta-Verse technology is “ready” and can support up to 15,000 simultaneous players. However, Narula emphasized that the company "has just started [Its] relationship with Yuga", which indicates that the completion could take a while.

After the land sale on the Otherside, Yuga Ethereum blamed. "Apecoin has to migrate to his own chain in order to be able to scale properly," it said.

Creating a reliable new blockchain can take months or even years. Axie Infinity The developer of Sky Mavis built his own chain called Ronin to support the game in Pokemon style. However, mistakes in Ronin's design made it susceptible to a $ 600 million hack in March.

"You still win a lot," said Fanny Lakoubay, consultant for cryptocunation and NFT. "Yuga's ability to arouse expectations of things that do not yet exist is overwhelming."