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Yuga Labs, the company behind the r/WallStreetBets-inspired NFT collections Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC), launched what ended up being the largest NFT minting in history (multiples larger than any prior NFT sale/auction).
Yuga Lab’s highly anticipated “Otherside” metaverse virtual land sale (tokenized by “Otherdeed” NFTs: virtual property deeds), was unveiled this past Saturday, and Yuga Labs managed to generate an unprecedented $320 million (denominated in ApeCoin) within minutes of the mint, but not without some hiccups (gas wars on the ETH blockchain).
The roughly $320 million in proceeds of this record-breaking metaverse land sale will go towards the buildout of OthersideMeta along with other Web3 initiatives (which should include a new blockchain network for ApeCoin).
ApeCoin , Yuga Lab’s Ethereum-backed token used in this past weekend’s Otherdeed NFT mint/sale, is much more than just a cryptocurrency. Each ApeCoin represents a tokenized ownership (a single vote) within the decentralized autonomous community (DAO), known as the APE Ecosystem.
The APE Ecosystem
The APE ecosystem is a Web3 initiative, built to empower the next generation of digital innovators. The 5 board members of The APE Foundation, including co-founder of Reddit, Alex Ohanian, and several VC heads (voted upon every 6 months) and roughly 3,800 voting members within the APE community, quickly realized the necessity of originating a proprietary blockchain “in order to properly scale.”
This need came as a result of the outrageous Ethereum-related fees (aka “gas” or cost of priority computing power to verify transactions) involved in this weekend’s Otherdeed mint. Gas fees topped out at over 64,000 ETH, representing nearly $180 million in burnt cash from this “oversubscribed” virtual land offering.
Some claim they paid more than $4,000 in ETH gas to buy these metadata plots, which only cost about $6,000 (305 APE each). Luckily demand in the secondary market was ample enough to quickly double the minimum price for these tokenized Otherdeeds, driving some of these NFTs up to nearly $1 million, so the additional gas fees were quickly recouped.
Many have criticized the Yuga Labs for poorly preparing (not utilizing the most effective Ethereum smart contract, according to some) for the level of demand they received Saturday evening (4/30). Nevertheless, Yuga Labs quickly mitigated ETH gas fee concerns, putting this hiccup in the rearview mirror by refunding fees for those who left the sale empty-handed and imploring its DAO members to facilitate and approve ApeCoin’s migration to its own chain.
Otherdeed NFTs on OpenSea (which now accepts ApeCoin), the world’s first and largest NFT marketplace, has seen $80 million in trading volume in the past 24 hours (4 days after its initial offering), solidifying its metaverse relevance today. Yuga Labs will need to continue delivering on its OthersideMeta project, which has come to the forefront of interest in this opaque new Web3 economy if the company wants to maintain relevance moving forward.
ApeCoin was created as a staking mechanism for the Bored Ape Yacht Club’s (BAYC) NFT ecosystem (created by Yuga Labs): BAYC, Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC). These NFT collections of nearly identical digital images, aka PFPs or profile pictures (a couple dozen of which have sold for over $1 million). The BAYC & MAYC NFT communities traded over $30 million in volume over the past 24 hours, representing the 2nd & 3rd most heavily traded NFT collections on OpenSea behind Otherdeed, which is still seeing volumes that are multiples above its closest collectible comrades’ daily volumes.
Final Thoughts
ApeCoin’s success will either validate or nullify the effectiveness of an early DAO and should provide a strong case study for DAOs to come. APE’s price action over the next several quarters will indicate whether APE is a cautionary tale of how not to operate a DAO or if it’s pioneering the gold standard for this nascent space.
The Hottest Web3 Project: ApeCoin (APE)
Yuga Labs, the company behind the r/WallStreetBets-inspired NFT collections Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC), launched what ended up being the largest NFT minting in history (multiples larger than any prior NFT sale/auction).
Yuga Lab’s highly anticipated “Otherside” metaverse virtual land sale (tokenized by “Otherdeed” NFTs: virtual property deeds), was unveiled this past Saturday, and Yuga Labs managed to generate an unprecedented $320 million (denominated in ApeCoin) within minutes of the mint, but not without some hiccups (gas wars on the ETH blockchain).
The roughly $320 million in proceeds of this record-breaking metaverse land sale will go towards the buildout of OthersideMeta along with other Web3 initiatives (which should include a new blockchain network for ApeCoin).
ApeCoin , Yuga Lab’s Ethereum-backed token used in this past weekend’s Otherdeed NFT mint/sale, is much more than just a cryptocurrency. Each ApeCoin represents a tokenized ownership (a single vote) within the decentralized autonomous community (DAO), known as the APE Ecosystem.
The APE Ecosystem
The APE ecosystem is a Web3 initiative, built to empower the next generation of digital innovators. The 5 board members of The APE Foundation, including co-founder of Reddit, Alex Ohanian, and several VC heads (voted upon every 6 months) and roughly 3,800 voting members within the APE community, quickly realized the necessity of originating a proprietary blockchain “in order to properly scale.”
This need came as a result of the outrageous Ethereum-related fees (aka “gas” or cost of priority computing power to verify transactions) involved in this weekend’s Otherdeed mint. Gas fees topped out at over 64,000 ETH, representing nearly $180 million in burnt cash from this “oversubscribed” virtual land offering.
Some claim they paid more than $4,000 in ETH gas to buy these metadata plots, which only cost about $6,000 (305 APE each). Luckily demand in the secondary market was ample enough to quickly double the minimum price for these tokenized Otherdeeds, driving some of these NFTs up to nearly $1 million, so the additional gas fees were quickly recouped.
Many have criticized the Yuga Labs for poorly preparing (not utilizing the most effective Ethereum smart contract, according to some) for the level of demand they received Saturday evening (4/30). Nevertheless, Yuga Labs quickly mitigated ETH gas fee concerns, putting this hiccup in the rearview mirror by refunding fees for those who left the sale empty-handed and imploring its DAO members to facilitate and approve ApeCoin’s migration to its own chain.
Otherdeed NFTs on OpenSea (which now accepts ApeCoin), the world’s first and largest NFT marketplace, has seen $80 million in trading volume in the past 24 hours (4 days after its initial offering), solidifying its metaverse relevance today. Yuga Labs will need to continue delivering on its OthersideMeta project, which has come to the forefront of interest in this opaque new Web3 economy if the company wants to maintain relevance moving forward.
ApeCoin was created as a staking mechanism for the Bored Ape Yacht Club’s (BAYC) NFT ecosystem (created by Yuga Labs): BAYC, Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC). These NFT collections of nearly identical digital images, aka PFPs or profile pictures (a couple dozen of which have sold for over $1 million). The BAYC & MAYC NFT communities traded over $30 million in volume over the past 24 hours, representing the 2nd & 3rd most heavily traded NFT collections on OpenSea behind Otherdeed, which is still seeing volumes that are multiples above its closest collectible comrades’ daily volumes.
Final Thoughts
ApeCoin’s success will either validate or nullify the effectiveness of an early DAO and should provide a strong case study for DAOs to come. APE’s price action over the next several quarters will indicate whether APE is a cautionary tale of how not to operate a DAO or if it’s pioneering the gold standard for this nascent space.