Bored apes and cryptopunks: how a land grab on the blockchain threatened a major cryptocurrency platform

Intense speculation and inflated transaction fees recently led to trouble for the Ethereum crypto platform.

By Shelly BrisbinMay 5, 2022 11:19 am, ,

Cryptocurrency is not an investment for the faint of heart. But the addition of asset categories like NFTs – nonfungible tokens – and metaverse projects has made things even more unpredictable. Over the weekend, a digital “land grab” severely rattled Ethereum – one of the world’s major crypto platforms.

Tech expert Omar Gallaga says speculation over a new metaverse offering from Bored Ape resulted in high transaction fees – also called gas fees – for buyers of the virtual goods.

Highlights from this segment:

– A metaverse project involves creating virtual online worlds where investors can buy spaces where NFTs can exist. The NFTs can be virtual characters or objects.

– The Bored Ape Yacht Club is among the largest NFT projects. The sale last week was a spinoff of Bored Ape called Other Deeds. Owning a deed allows the buyer to claim land in a metaverse called the Other Side.

– Because of intense speculation during the sale, buyers ran up $176 million in gas fees, destabilizing the Ethereum platform.

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