The company has raised around $320 million in crypto — the
biggest offering of its kind. The demand was strong enough that activity for
the event was all around the Ethereum blockchain, to the extent that it
disrupted activity and sent transaction fees soaring, the report said.
Those who held the ApeCoin token who verified their identity
were fighting for deeds of 55,000 parcels of virtual land in Otherside.
In addition, there were 45,000 other parcels allocated for
holders of Bored Ape Yacht Club and Mutant Ape NFTs, along with Yuga Labs and
other project developers. Another 100,000 tokens will be awarded later to
certain Otherdeed NFT holders.
The report noted that the process was initially delayed to
avoid sending gas fees even higher. The plots cost buyers around $5,800 each,
or 305 ApeCoin, based on the coin prices along with transaction costs.
“Yuga Labs’ virtual land sale has triggered one of the
highest spikes in transaction fees on Ethereum,” said Jason Wu, founder of
decentralized lending protocol DeFiner. “I have seen other NFT launches causing
high gas fees, but this is definitely one of the highest.”
The report mentioned that the ApeCoins raised in the sale
will be locked up for one year, or unable to be sold, which will reduce the
coins in circulation.
Recently, Bored Ape Yacht Club ran afoul of hackers, with
the Instagram and Discord accounts being taken over, sending an unofficial link
to followers to “mint” NFTs.
Project leaders acted quickly, informing users of the hack
and telling them not to mint anything or link their accounts to anything.
The fake social media link purported that users could mint
virtual land in the Otherside. Those who clicked the link ended up having their
wallets compromised and their things transferred to hackers’ wallets.