The creator of the popular NFT games in the Bored Ape series raised approximately 285 million euros this month (€270 million). This was made possible by selling digital land, a quite popular and big contribution to creating the metaverse. The sale by Bored Ape led to a rush to buy land through the company Yuga Labs, which ultimately slowed down the entire Ethereum blockchain. Due to this, the price of ApeCoin (APE) fell by up to 11%. The company is popular for its Bored Ape Yacht Club NFT (non-fungible token) collection. This includes 10,000 computer-generated cartoon apes worth thousands of dollars. In March, the Bored Ape company received $450 million (€427 million) for the Otherside, a decentralized virtual world with a Bored Ape theme. Even though little is known about Yuga Labs’ virtual world, fans rushed to purchase Otherdeeds NFTs. They believed they could exchange them for plots in its virtual land. There were only 55,000 “Otherdeeds” NFTs available for purchase, costing around $700. Investors can only use ApeCoin (APE), a Yuga Labs-created digital currency, to buy them. Because of the high demand, the Ethereum network experienced the most expensive transaction fees, also known as gas fees, in its history. According to a source, it was at this particular time that crypto investors paid more than 176 million dollars (167 million euros) in fees within 24 hours. Why Was This Done? On Twitter, Yuga Labs stated, “This was t...
