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  1. Bored Ape Yacht Club creator Yuga Labs raised $320 million in crypto when it sold off land parcels in its virtual world Saturday night—and demand was so wild that it caused disruptions across the Ethereum blockchain. Transaction fees to mint an Otherdeed NFT soared to about 2 ether, or $6,000, after the launch.
  2. According to a Twitter announcement from Otherside, KYC verification is a must for those who wish to bid in the auction of the metaverse’s land NFTs. However, BAYC and MAYC holders can claim land NFTs for a period of 21 days after the auction without KYC verification. The KYC requirements are only for those wishing to mint the Land NFT at the auction. The auction which is scheduled for 12 pm ET on Saturday will follow the Dutch-style auction format, a bidding war where the asking price starts high and then falls toward a minimum reserve price. Auction participants are required to exclusively bid in APE coins for the auction. https://www.theblockcrypto.com/linked/143535/yuga-labs-otherside-metaverse-land-auction-imposes-kyc-checks/
  3. According to a recent post by Yuga Labs, the team has decided against going with a Dutch auction mechanism for their upcoming Metaverse land sales. Instead, the auction which is scheduled for 9 pm ET this Saturday will now follow a flat-price sale model. Each of the land NFTs called ‘Otherdeed’ will now retail for 305 Apecoin (APE). That’s roughly around $6,900 per Otherdeed. A total of 55,000 Otherdeeds will be available for minting from wallets that have passed the KYC verification process. According to the blog post, “NFT ‘Dutch auctions’ are actually bull****. They do not successfully mediate demand, nor do they really negate gas wars in highly-anticipated mints.” https://www.theblockcrypto.com/linked/144298/yuga-labss-otherside-scraps-dutch-style-auction-for-nft-sale/
  4. The creators of the perhaps the world’s most famous NFT collection, The Bored Ape Yacht Club, Yuga Labs, have just completed the purchase of IP for perhaps the second most famous NFT collection, The CryptoPunks! Yuga Labs’ first move as the CryptoPunk’s IP holder, is to grant full commercial rights to individual NFT holders: “With this acquisition Yuga Labs will own the CryptoPunks and Meebit brands and logos, and as they’ve done with their own BAYC collection, Yuga Labs will transfer IP, commercial and exclusive licensing rights to individual NFT holders”. Yuga’s decision to give BAYC IP to holders has prompted a number of exciting moves including the inception of numerous projects, even including ‘metaverse bands’ with Bored Apes as band members. On the flipside, Larva has come into conflict with its NFT holders over refusal to transfer commercial rights. Some holders even abandoned the project over the controversy. Yuga has since stressed that their absolute focus will still be the BAYC ecosystem, and they have no immediate plans to do anything but give IP to the CryptoPunk holders and see what they do with it! https://decrypt.co/94898/bored-ape-yacht-club-yuga-labs-cryptopunks-larva-labs
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