Virtual land sales related to Yuga Labs’ Metaverse Project went live just hours ago. It affected large parts of the crypto market. Due to the huge demand, ETH fees reached nearly $200 million and ApeCoin’s value plummeted by double digits following the sale.
Yuga Labs, creators of popular NFT projects like Bored Ape Yacht Club, had been anticipating the sale. APE reached an all-time high just days before the sale. The native currency of BAYC, ApeCoin, saw a significant price rise. It will be used to buy virtual land. The ERC721Enumerable extension was mostly ineffective. The majority of cases don’t require tracking ownership on-chain.
Why? It is easy to grab data from the front-end and use it in smart contracts. This is something that every front-end can do easily.
— Will Papper (@WillPapper), May 1, 2022
Yuga Labs addressed the gathering, noting that the mint was so large that Etherscan crashed and also apologizing for “turning the lights off on Ethereum for awhile.” BAYC’s creators promised to reimburse gas fees to users who made failed transactions. They also suggested that ApeCoin be moved to its own blockchain. ApeCoin will have to migrate to its own blockchain in order to scale properly. It is obvious. We encourage the DAO in this direction.
— Yuga Labs (@yugalabs) May 1, 2022
The sale also had an impact on ApeCoin’s value. APE, which had been among the top performers over the past week, dropped by 30% within the hours following the sale. It is now down to $17, after trading at $27 a few days earlier. This was not unexpected as investors rush to buy APE before the sale so they can participate in the sale.
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