The metaverse launch of the Bored Ape Yacht Club contributed to OpenSea setting a new one-day record, as well as a strong rebound for the month of April overall.
The launch of deeds for virtual land plots on Otherside—a metaverse game created by the creators of the Bored Ape Yacht Club—this weekend generated hundreds of millions of dollars in NFT sales while wreaking havoc on the Ethereum network. It has also resulted in a new daily record for OpenSea, the leading NFT marketplace.
Following the late Saturday launch of the Otherside project, OpenSea recorded more than $476 million in Ethereum NFT trades on Sunday, May 1. Dune, an analytics platform, derived these figures from public Ethereum blockchain data. OpenSea’s previous single-day record was nearly $323 million, set on August 29, 2021.
Since its inception, Otherside’s NFT virtual land plots, known as Otherdeeds, have dominated NFT trading. Since Saturday evening, the project has generated nearly $559 million in secondary market sales, according to CryptoSlam.
This is on top of Yuga Labs’ initial mint, which produced approximately $319 million in ApeCoin, an Ethereum-based governance token. Otherside has already generated approximately $878 million in NFT sales volume in less than two days, despite the fact that the price of ApeCoin has been rapidly declining since Saturday.
Over the last seven days, Bored Ape projects have led CryptoSlam’s list for NFT trading volume on secondary markets. The original Bored Ape Yacht Club collection comes in second with $142 million, followed closely by the Mutant Ape Yacht Club with nearly $125 million. The Solana-based Okay Bears, which has raised $59 million in the last week, is the top-selling NFT project behind those two.
Since last August, OpenSea has been the top marketplace in the entire NFT space, consistently generating billions of dollars in trading volume each month. NFT trades, on the other hand, fell sharply in March after a record-breaking January, raising new concerns among observers that the “NFT bubble” had finally burst.
However, according to Dune, OpenSea recorded a 40% month-over-month increase in trading volume in April, with nearly $3.5 billion worth of Ethereum NFT trades in the month, reversing the downward trend.
An NFT functions similarly to a blockchain-based receipt in that it proves ownership of a digital item, such as artwork, collectibles, or video game items.
The Bored Ape Yacht Club is one of the most popular NFT projects to date, with nearly $4 billion in trading volume across its various Ethereum profile picture collections to date. It has also attracted a large number of celebrity owners, offers a variety of benefits (such as free NFTs, including Otherdeeds), and grants owners IP rights to their owned images.
Otherside is a metaverse game built on Ethereum that is being developed in collaboration with metaverse investor and gaming studio Animoca Brands. It will include content from Yuga’s own CryptoPunks and Meebits properties, as well as other popular NFT projects such as World of Women, Nouns, CrypToadz, and Cool Cats, in addition to Bored Ape characters.
Yuga Labs sold 55,000 Otherdeed land plots in Saturday’s mint, gave away another 30,000 for free to existing Bored Ape and Mutant Ape NFT owners, and kept 15,000 plots for developers, partners, and ecosystem contributors. According to the official Otherside FAQ, another 100,000 plots will be released in the future.