Cryptocurrencies, blockchain, NFT and new trends

Yuga Labs Summons Fans to Mint HV-MTL NFTs, Prices Soar on OpenSea

Sewer Pass holders can now begin the next phase in the journey, burning their old passes to mint new NFTs with tiers depending on their score in Dookey Dash.

Yuga Labs' HV-MTL collection (OpenSea)Consensus 2023 LogoDaniel AlegreCEOYuga LabsHear from Yuga Labs new CEO in his first public appearance since assuming the position.Secure Your SeatConsensus 2023 LogoDaniel AlegreCEOYuga Labs

NFT issuer Yuga Labs, the company behind the Bored Ape Yacht Club collection of non-fungible tokens, has opened the mint for the next phase of its skill-based online game Dookey Dash.

On Wednesday, eligible players who claimed a Sewer Pass in January were invited to participate in “The Summoning,” a process in which users could burn their Sewer Pass token in order to mint a NFT in the new collection. Called HV-MTL (heavy metal), the 30,000-unit collection consists of “mechs,” which resemble robots.

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The tokens have already soared on the secondary market in the hours since the collection’s release. According to data from NFT marketplace OpenSea, the collection’s floor price is about 2.4 ETH, or nearly $4,000, with a trading volume of over 4,850 ETH, which is worth roughly $8 million at current ether prices.

Each token in the HV-MTL collection is derived from a “power source,” or a rarity trait that is determined by users’ scores in Dookey Dash. The tokens are currently in “Evo 1,” and will evolve into future forms based on users’ success in upcoming minigames.

Some early minters of the new NFTs reported issues with so-called “companion traits” not appearing on their HV-MTL initially, but Yuga Labs identified the issue and updated the collection.

Yuga Labs released its Sewer Pass mint in January, grossing $6 million in sales hours after its mint commenced. Token holders were invited to participate in Dookey Dash, Yuga’s gamified experience where the players on average clock in 28 hours of gameplay.

Read more: Yuga Labs’ Bitcoin NFT Collection Fetches Top Bid of Nearly $160K

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Cam Thompson

Cam Thompson is a news reporter at CoinDesk.

Follow @camgthompson on Twitter

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Cam Thompson

Cam Thompson is a news reporter at CoinDesk.

Follow @camgthompson on Twitter