NFT

Bored Ape Yacht club creator’s metaverse mine rocks the Ethereum blockchain

Yuga Labs, the web3 company behind the Bored Ape Yacht Club, disrupted the entire Ethereum blockchain as a flood of users rushed to purchase NFTs representing virtual plots of land in its upcoming metaverse project, Otherside. A total of 55,000 Otherdeeds sold at a flat price of 305 ApeCoin, or around $5,800 at the time of purchase (via CoinTelegraph), raising about $320 million in what was considered the “largest NFT mint in history.”

Otherdeeds are minted in BAYC’s native ApeCoin, but still require Ethereum for gas fees. The cost of a transaction on Ethereum’s blockchain is called a gas fee. As the network becomes more busy, fees will rise as it takes more time to process transactions.

The Otherdeed mint saw a huge volume of transactions, which caused gas fees to skyrocket. As noted by CoinTelegraph, Reddit user u/johnfintech pointed out that some buyers shelled out anywhere from 2.6 ETH ($6,500) to 5 ETH ($14,000) in gas fees alone — more than the cost of an Otherdeed NFT (and in some cases, more than twice the cost). By the time the virtual land deeds sold out, buyers paid a total of about $123 million just to execute their transactions on the Ethereum blockchain (via Bloomberg).

Yuga Labs issued an apology on Twitter shortly after the mint ended. Yuga Labs stated that they were sorry to have turned off the lights on Ethereum temporarily. ApeCoin will have to migrate to its own blockchain in order to scale properly. “It seems obvious. We encourage the DAO[decentralized autonomous organization] to think in this direction. The ApeCoin Digital Asset Office (DAO), is the entity that makes decisions within the ApeCoin community. It exists separate from Yuga Labs. The DAO’s decisions are carried out by the Ape Foundation’s Board, consisting of Reddit co-founder Alexis Ohanian, Animoca co-founder Yat Siu, and others.

We’re sorry for turning off the lights on Ethereum for a while. 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 disruption slowed transactions on Ethereum-linked services, like Uniswap, and caused the Ethereum transaction tracker, Etherscan, to crash. A number of users also reported losing thousands of dollars to gas fees in failed transactions. Yuga Labs promised to reimburse users for the gas fees associated with failed transactions, but it’s unclear what the refund process will look like. The Verge contacted Yuga Labs for comment, but they didn’t respond immediately.

As outlined in a post days before the mint, Yuga Lab’s original goal was to avoid an “apocalyptic” gas war, or a sudden spike in gas fees due to high demand. It stated that it would abandon the Dutch auction method of minting. This involves an NFT being sold at a fixed price, and then gradually lowered over time. Instead, it used

to sell NFTs at a flat rate and allow for more mints over time.

Rather than resorting to a faux Dutch Auction, the Otherdeed mint will employ the following mechanic: the sale price will remain flat for the duration, and at the start of the sale, there will be an intentionally low per-wallet limit on the number of NFTs that may be minted (note, this is not “minted at once,” but “minted in total”). After the first wave of low-gas transactions has been submitted and the network calms down, the wallet-level limit for minting will be raised to allow for a second wave. Those who are satisfied will not mint, but those with more ApeCoin will.

The mess of a mint prompted some users to propose ways to improve the process in the future. Will Papper, the co-founder of Syndicate DAO, a platform that lets users create web3 investment clubs, suggested that Yuga Labs optimize its contracts to lower gas fees and adjust its mint mechanism.

Of course, gas optimizations are only one part of the equation.

You need a better mint mechanism design (allowlist, Dutch auction) + gas optimizations.

Money spent on gas is money that could go to builders. This is done via both the mint design and the smart contract.

— Will Papper (@WillPapper) May 1, 2022

In March, Yuga Labs raised $450 million in funding to build the Otherside, a decentralized metaverse with elements of gamification. While it’s supposed to encompass Yuga Lab’s NFT brands, such as the newly-acquired CryptoPunks and Meebits, the company has goals to extend support to NFTs from other entities. A lot is still unknown about the prospective Otherside, but that clearly hasn’t stopped its enthusiastic community from investing in the project.

NFT

Singapore High Court Injunction Blocks Sale or Transfer of BAYC #2162 NFT

The Singapore High Court has granted a court injunction which stops or blocks the sale of a Bored Ape Yacht Club (BAYC) non-fungible token (NFT) that one man claims was wrongfully taken away from him.

NFT Used as Collateral

A Singapore man has won a court injunction that blocks the sale or potential transfer of a Bored Ape Yacht Club (BAYC) non-fungible token (NFT) that he claims to be rightfully his. According to a report, the NFT is currently in the possession of an online lender named Chefpierre.

The man, who has been identified by the Strait Times (ST) as Janesh Rajkumar, is seeking to recover the BAYC 2162 NFT which he pledged as his security for a loan obtained from Chefpierre. Rajkumar claimed the NFT was wrongfully taken from him.

The Bored Ape Yacht Club NFTs are popular with celebrities, some of whom have paid large sums of money to acquire them. The ST report notes Madonna is the latest celebrity to become the owner of a BAYC non-fungible token, after she reportedly paid 180 ETH.

BAYC’s Rare Attributes

Detailing the NFT’s uniqueness, Rajkumar argued the collection is rare even among BAYC NFTs because it has attributes that enable the holder to create another exclusive series. Leveraging the NFT’s rarity and high value, Rajkumar was able to use the BAYC as collateral when borrowing.

In his arguments before the Singapore High Court, Rajkumar insisted his loan agreement with Chiefpierre stipulated he was not relinquishing ownership of the NFT. In the event he failed to pay back on time, Rajkumar would inform the lender who then had to provide a reasonable extension of the repayment period.

The agreement also specified that the lender could not exercise the foreclose option, Rajkumar argued.

What are your thoughts on this story? Tell us what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons, mundissima

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

NFT

Dvision Network Announces New Land Staking Feature to Bolster Virtual Plot Utility

press release

PRESS RELEASE. The Dvision Network has recently announced the new ‘LAND Staking Feature‘ in their Dvision Metaverse, with the development being finalized to present a new use case to the virtual plot owners. Officially, Dvision LAND NFT users can now stake their plot and receive DVG points or additional NFT items through the new LAND staking program. This is a crucial component of the entire project and its ecosystem as Dvision currently has about 10,000 LAND owners, as a result of 3 finalized rounds of the LAND Sales, eager to deliver fascinating and advanced content to Dvision World.

Important details to note

Dvision Network launched a new NFT staking solution to improve the usability of the digital plots, and the team has hence already completed three successful LAND sales across several platforms. Furthermore, over 10,000 LANDs have been sold through platforms such as Shopify, Binance NFT, OpenSea, and NFTb.

The LAND staking function, in fact, is the first utility to link to virtual plots before the formal launch. The ‘MetaCities’ will use the LANDs to eventually introduce content created by individuals within Dvision Metaverse.

What else is there to know?

The Dvision team created DVG (Dvision Gold) a new rewards program. This is a digital reward currency which is needed to improve PETs and allow consumers to use P2E (Play to Earn) in Dvision World. The staking period can be broken down into three stages: one month, three and six months. Users will get a higher payoff if they stake longer. ‘Random Building Boxes’ will also be distributed beginning with the 90-day staking period. There is no difference in the type of building. However, users will always receive one regardless of whether they open a random box.

It is worth mentioning Dvision Network’s technological advancements in recent times. They have integrated Coinbase Wallet and Bitski with Wallet Connect, Wallet Connect, and Fortmatic which allow their metaverse users to have a simplified and varied access to their virtual world. Dvision Network previously announced that they are going completely on-chain and integrating Filecoin and IPFS data storage solutions to securely store their data.

About Dvision

Dvision Network, a blockchain-enabled NFT network, aims to be the best in business. Dvision utilizes its VR technology to create a cutting-edge metaverse environment that is accessible to all users worldwide. Designers, companies and all users can enjoy a dynamic and rewarding metaverse experience. Visit Dvision’s website, Medium, Telegram and Twitter channels for additional information and frequent updates.

This is a press release. This is a press release. Readers are responsible for their own research before making any decisions about the promoted company, or any of its affiliates. Bitcoin.com does not assume any responsibility for any loss or damage caused or alleged by the use or reliance of any content, goods, or services mentioned in this press release.

Bitcoin.com Media

Bitcoin.com is your best source for all things crypto-related.
For press releases, sponsored posts, podcasts, and other options, contact ads@bitcoin.com

Image Credits: Shutterstock, Pixabay, Wiki Commons

NFT

Aave Launches Social Media Project Lens Protocol With Over 50 Apps Built on Polygon

The blockchain firm Aave has launched the Lens Protocol, a social media project with applications built on the Polygon blockchain. Lens is similar to the social media platform Twitter but Lens profiles are linked to a non-fungible token (NFT) that can be ported into decentralized applications.

Lens Protocol Is Live – Aave Founder Believes People Are ‘Ready for a Better Social Media Experience’

On Wednesday, the blockchain company Aave announced that the Lens Protocol is now live and roughly 50 applications have debuted on the platform. Aave first revealed the Lens Protocol during the first week of February 2022 and the first applications are built on top of the Polygon network.

Stani Kulechov, CEO and founder of Aave Companies said the recent Twitter ordeal with Elon Musk shows that people are looking for something different than the incumbent social media platforms. “The social media experience has remained relatively unchanged for the last decade, and much of that is due to your content being solely owned by a company, which locks your social network within one platform,” Kulechov said in a statement sent to Bitcoin.com News.

The Aave founder added:

But ultimately, as seen from Elon Musk’s bid to purchase Twitter, people are ready for a better experience than what they’re used to. Ownership over not only the content you create online, but also your profile and social network is long overdue, and empowering users is what Lens aims to achieve.

Lens Boasts 50+ Social Applications and Creator Monetization Tools Built on Polygon

The 50 applications built on Lens covers social applications to creator monetization tools, the announcement notes. Lens users that have already minted their NFT profile can access any of the applications such as Peerstream, Lenster, Swapify, Spamdao, and more. “Building a Web3 social media platform on Lens Protocol has opened up a new realm of possibilities for our development team and users,” @yoginth.eth the founder of lenster.xyz remarked during the announcement.

Lens Protocol will provide users with the foundations to leverage full ownership over their “profile, content, and relationships” while plugging into any decentralized application. G.Money, the NFT filmmaker and creator, detailed that lens will empower the platform’s userbase. “An open social graph will allow creators and brands to fully own content distribution and their audiences in a truly multi-platform way. Lens empowers platform choice and opens up wider audiences through direct creator/brand-community relationships,” the NFT filmmaker said.

Tags in this story

50 applications, Aave, Aave Companies, Aave’s Lens Protocol, content, Decentralized Social Media, G.Money, Lens, Lens Protocol, nft, NFT profile, open social graph, Polygon Network, profile, relationships, Social Media, social media competitors, Social Media Experience, Stani Kulechov

What do you think about Aave’s Lens Protocol? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.