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Bored Ape Metaverse Frenzy Raises Millions, Crashes Ethereum

  • Users scramble for NFT deeds to 55,000 plots of virtual land
  • Prices soar in secondary market, Ethereum gas fees jump
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The creator of the popular Bored Apes Yacht Club collection of NFTs launched a sale of virtual land. Eddie van der Walt reports.Source: Bloomberg
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Yuga Labs, the creator of the popular Bored Apes Yacht Club collection of NFTs, launched a sale Saturday of virtual land related to its highly anticipated metaverse project, raising about $320 million worth of cryptocurrency in the largest offering of its kind. Demand was so strong that activity related to the event caused ripple effects across the entire Ethereum blockchain, disrupting activity and sending transaction fees soaring. 

Holders of the ApeCoin token who verified their identities jockeyed to buy deeds for 55,000 parcels of virtual land in Otherside, the project’s planned metaverse game and the latest extension of the Bored Ape franchise. Anticipation that interest would be strong for the plots -- Ethereum-based NFTs called Otherdeeds -- had pushed up the price of ApeCoin last week ahead of the sale.