Bored Ape Metaverse Frenzy Raises Millions, Disrupts Ethereum – Bloomberg | NFTRADIUS

Yuga Labs, the creator of the popular Bored Apes Yacht Club collection of NFTs, shepherded a sale of virtual land related to its highly anticipated metaverse project, raising about $320 million 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 raising transaction fees. 

Holders of the ApeCoin cryptocurrency who verified their identities jockeyed to buy deeds for the 55,000 parcels of virtual land in Otherside, the project’s planned metaverse game. Anticipation of strong interest had pushed up the price of ApeCoin earlier this week ahead of the sale of the plots, Ethereum-based NFTs called Otherdeeds.

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