ApeCoins’ Announcement of Integration
As a result of the Yuga Labs’ Otherdeeds nonfungible token (NFT) minting issue, ApeCoin’s Polygon (MATIC) sidechain integration announcement was made.
Bored Ape Yacht Club NFT inventors Yuga Labs began the minting for Otherdeeds NFT land on Sunday. An additional $300 million in sales were generated due to the drop’s widespread popularity. Despite this, the fall experienced many challenges, such as driving ETH gas rates to unprecedented highs, which meant that customers spent about 2 to 5 ETH for gas.
In response, individuals who paid ETH gas costs but did not get NFTs voiced their displeasure on social media, with some tweeting that they were selling their APE-related assets.
Yuga Labs pledged to reimburse customers for their gas; however, several users thought the incident was a deliberate marketing gimmick. Before APE was announced, an issue was highlighted as the new chain in question. Decentralized autonomous organization (DAO) reps for ApeCoin are disputing this.
Yat Siu, a member of the ApeCoin DAO board, has said that this is not the case. Despite Yuga Labs’ encouragement to the DAO to consider moving to a new chain, Siu highlighted that the concept of an APE chain had not been discussed among the DAO’s board members or with other stakeholders.
Despite the explanation, some remain sceptical and dissatisfied with the event’s outcomes. MetaMan, a Twitter user, suggested that the event’s organizers accept their mistake and that holding the event in the first place was a stupid idea.
In addition, the Otherdeed NFTs were responsible for burning $558 million in ETH in only seven days, setting a new record for Ethereum network burn, which now stands at more than 70,000 ETH.
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