Altcoins

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Yuga Labs, the company behind the Bored Ape Yacht Club, sold 55,000 virtual plots of land in its upcoming metaverse, Otherside, for about $5,800 each. While the transactions were done in ApeCoin, the NFTs were minted on Ethereum, where gas fees for each mint ranged from 2.6 to 5 ETH ($6,500-$14,000) at the time of the transactions. By the time the virtual land deeds sold out, buyers paid a total of about $123 million in gas fees to send Yuga Labs about $320 million. Ouch! Continue Reading →

Gimme My Zuck Bucks!

Meta (the company formerly known as Facebook) is thinking about creating its own virtual currency. Some reporters (and anonymous company sources) say it is unlikely to be a cryptocurrency. That seems naive. No matter how they create Zuck Bucks, if it has a value inside of the Zuckerverse, it will have a value outside of the Zuckerverse. Continue Reading →
Crypto Kool-Aid
I just spent the most wonderful week in Los Angeles speaking, moderating, and partying at NFT|LA, a gathering of Web3 enthusiasts with a special emphasis on NFTs and all things crypto. The organizers did an outstanding job mixing solid content and amazing experiences. I'm sure everyone had an incredible time. I'm also sure the audience was bifurcated into two clearly defined groups: predators and prey. Continue Reading →
A rock NFT valued at 444 ether (ETH), or $1.2 million, sold for 444 Wei ($0.0012) to a bot as the seller, DinoDealer, confused WEI and ETH. In a tweet, the seller said, "in one click my entire net worth of ~$1 million dollars, gone." Continue Reading →
Yuga Labs took its next step toward trying to build a broader media empire around the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) series with the announcement of a cryptocurrency called ApeCoin, which will be the “primary token for all new products and services” from the company. That includes a newly announced play-to-earn blockchain game that the company plans to release later this year in partnership with the developer nWay. Continue Reading →

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