In recent months, people and organisations have developed ways to make money in more than one way. One organisation that has had a huge impact in the blockchain and NFT world is Yuga Labs. Yuga Labs is the organisation that is responsible for the development of Bored Ape Yacht Club, which was one of the most successful ventures and created millions of dollars for the organisation and its investors.
The second project the organisation has developed is a Metaverse that was released to the market less than a day ago by the time of writing this article. The release and other events that followed the release of this project have led people and organisations to know how huge the market is and that people are willing to spend thousands of money on new crypto projects that might have a huge impact in the future. Before explaining how Yuga Labs’ metaverse crushed Ethereum, it is important to explain what a Metaverse is for people reading about this for the first time.
A Metaverse is a virtual world created by a technology company that leads to an entire world where people can live, work, play and perform other functions they physically do in their life. The first Metaverse project was by Facebook, which later changed its name to Meta after developing its metaverse. The Yuga Labs Metaverse was released to the market for people to buy virtual plots of land. Unlike Facebook, or Meta’s metaverse, Yuga labs’ virtual world has not yet been developed, and the land was sold at a flat rate rather than having different values.
The flat rate for plots of virtual land on the metaverse was 305 Apecoin which translates to $5,800. The total number of plots sold was 55,000, meaning 55,000 other deeds for proof of ownership of the plots were issued to the new buyers. Considering that the entire project was sold out in hours, investors are waiting for the next big thing to happen. These investors hope the project will be successful and the plots of land will appreciate.
A good example is how a plot of land on Meta’s metaverse next to famous rapper Snoop Dogg sold for half a million. If Yuga’s Labs project develops to become as successful as Meta’s, these 55,000 plots will increase in value and make thousands or millions of dollars for investors.
As mentioned earlier, the release and the speed at which investors bought the plots of land had a huge impact on the blockchain world. Apart from showing the willingness to adapt to new projects, it also affected the Ethereum blockchain, which was used as the primary blockchain in the development and transactions.
The entire project led to Yuga Labs making $320 million in less than a day, which is considered the largest NFT mint. Many transactions happening simultaneously on the blockchain affected the price for Ethereum transactions. Investors had to shelve between 2.6 ETH ($6500) at the beginning of the sale and 5 ETH ($14000) after to cover the transaction. It was either equal r double the amount required for the investment.