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Sewer Pass fever: BAYC gets $20 Million, blocks platforms without royalties

Sewer Pass fever BAYC gets $20 Million, blocks platforms without royalties

On January 19, Yuga Labs launched Dookey Dash. It is a currency-minting game that can be played till February 6.

Users must have a Sewer Pass in their crypto wallet to play the game. First, BAYC and MAYC NFT holders received these passes for free. Yuga Labs has since announced in a Tweet that they have begun to appear on secondary NFT exchanges.

Sewer Passes have been in high demand since they were originally made accessible to the general public. Sewer Passes have only been available on OpenSea for three days, but they have already traded over 13,000 ETH, which is worth more than $20 million at current ETH rates.

What the BAYC plans to do next in 2023?

Yuga Labs became the most important player in the ecosystem after entering the NFT space with the Bored Ape Yacht Club in early 2021. When most people outside of Web3 hear the term “NFT,” they think of Yuga Labs. Following the release of follow-up collections such as the Mutant Ape Yacht Club and the Bored Ape Kennel Club, as well as teasing the NFT environment with the Otherside metaverse, many people wondered how the BAYC would plan in 2023. 

The company unveiled the Sewer Pass mint in January, which is an NFT that will be distributed for free to BAYC/MAYC holders and sold on the secondary market. The NFT would allow individuals to play Dookey Dash, a skill-based game set in the Bored Ape Yacht Club’s sewers. The announcement piqued the interest of the NFT community, and Yuga dropped the Sewer Pass collecting after a one-day wait.

Sewer Pass mint was remarkable

Sewer Pass fever BAYC gets $20 Million, blocks platforms without royalties

The mint was always going to be popular, but the Sewer Pass collection has done exceptionally well since its release. It has sold over 13,000 ETH ($20 million) worth of coins in the three days after its release. That figure will almost certainly continue to rise (jumping up another 30 ETH during the writing of this story). It’s a strong indication that the NFT powerhouse that helped cement the 2021 bull run and put NFTs on the cultural map is set to continue reigning, regardless of how long the bear market lasts.

What happens next?

Yuga Labs has also used the Sewer Pass to make a powerful point. The team has made it plain where they stand on the matter, thus they have barred secondary marketplaces from selling tokens on their platforms that do not completely enforce creator royalties.

The amount of deals on OpenSea and X2Y2 has skyrocketed in recent days, although LooksRare, Blur, and NFTX cannot trade NFTs, according to a Yuga Labs spokesman. Sudoswap, which is touted as a royalty-free trading platform, is also unable to trade NFTs. However, they may be skirting the limit because the platform’s Sewer Pass page reveals that more than 569 ETH worth of trades had occurred there.

When OpenSea announced that it will switch its existing collections to zero-royalty enforcement last fall, it triggered a new debate regarding royalties. Since then, NFT applications that use the platform have used the Operator Filter Registry, the platform’s first on-chain enforcement mechanism.

About MahKa

MahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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