Destabilizing speculation

Bored monkeys and cryptopunks: How a blockchain land grab threatened a major cryptocurrency platform

Cryptocurrency is not an investment for the faint of heart. But the addition of asset classes like NFTs – non-fungible tokens – and metaverse projects has made things even more unpredictable. Over the weekend, a digital “land grab” badly rocked Ethereum – one of the world’s leading crypto platforms.

Technical expert Omar Gallaga says speculation about a new metaverse offering from Bored Ape has resulted in high transaction fees – also known as gas fees – for buyers of the virtual goods.

Highlights of this segment:

– A metaverse project is to create online virtual worlds where investors can buy spaces where NFTs can exist. NFTs can be virtual characters or objects.

– The Bored Ape Yacht Club is among the largest NFT projects. Last week’s sale was a Bored Ape spin-off called Other Deeds. Owning a deed allows the buyer to claim land in a metaverse called the Other Side.

– Due to intense speculation during the sale, buyers racked up $176 million in gas fees, destabilizing the Ethereum platform.

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