Yuga Labs goes ape on Ryder RippsThe Bored Ape Yacht Club has had some very serious allegations levied at it recently, but its founders are swinging into action to defend the project. Talk about guerilla warfare.
- “We’ve become the target of a crazy disinformation campaign” wrote Yuga Labs’ Gordon Goner (Wylie Aronow, IRL), after a video went viral examining accusations that BAYC contains hidden Nazi and racist messages, plus promoting a knock off NFT set as a form of consumer protest.
- The founders are now suing their accuser, the artist Ryder Ripps, for trying to devalue BAYC NFTs and “scamming consumers”. Meanwhile, others have been examining Ripps’ claims in more detail: a recent deep dive into co-founder Greg Solano’s online history didn’t find any evidence to support the accusations against him.
- How is APE coin doing with all this drama, you ask? Well, not badly actually. The token is on its fifth day of gains after a 13% gain last week, and rallied 16% on Sunday before settling down somewhat after a new Bored Ape-themed video with Eminem and Snoop Dogg garnered some excitement.
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BAYC's 'Nazi dog whistles' accusationsAn internet artist and a prominent YouTuber have released a documentary alleging that the Bored Ape Yacht Club is filled with hidden Nazi and racist references.
- A video titled “Bored Ape Nazi Club” was published by ‘Philion’ on Sunday which alleged that BAYC (run by Yuga Labs) is hiding “4chan trolling, racist imagery, and white supremacy dogwhistles” in plain sight.
- ‘Philion’ has now started a #BURNBAYC campaign, asking crypto influencers and celebs alike to burn their Bored Ape NFTs and buy a copypasta collection of BAYC made by internet artist Ryder Ripps. The collection apparently strips the “racist imagery” from the Bored Ape NFTs and aims to further undermine Yuga Labs.
- This alternative collection pumped on OpenSea to become the #1 in terms of trading volume. It was then later removed for “intellectual property infringement”. Some Twitter commentators have also questioned RR/BAYC’s true motives – noting that its sales would‘ve netted the creators a significant profit. A lot to digest here.
A banana peel for Ethereum?It’s all happening in the crypto jungle this week, with Bored Ape thefts and votes alike.
- Voting has begun on “ApeCoin Improvement Proposal (AIP) 41” to decide whether the Ape community wants to stay on Ethereum’s blockchain. A “no” is currently looking pretty unlikely, but if it were to go through, ApeCoin would obvs have to find a new home – running on its own blockchain is a known option, while Avalanche has also been mentioned.
- The proposal itself argues the case to stay on Ethereum. It outlines how migrating to a new blockchain is a “costly, risky, and complex endeavor” and that despite the high gas fees Ethereum charged during its Otherside metaverse NFT drop, its security is “second to none”.
- Speaking of security, BAYC just lost $358k worth of NFTs. Thanks to phishing links that weren’t nipped in the bud quickly enough, over 200 ETH in NFTs were stolen on Discord. While this had nothing to do with Ethereum, the co-founder of Yuga Labs (parent company of BAYC) accepted a “better platform” than Discord was needed for web3 fans.
The Great Ape MigrationAre the apes about to leave Ethereum’s tree? Avalanche and Flow reckon they may have the bananas to prize them away.
- After the Otherside metaverse land sale racked up over $100m in gas fees, ApeCoin DAO is considering moving its native token over to Avalanche or Flow. Avalanche would offer apes their own subnet which would process transactions off the main network, while Flow is a proven NFT player, managing high transaction volumes on a daily basis.
- BAYC creator Yuga Labs has already voiced its desire to run ApeCoin on its own chain, but the DAO quickly shot that proposal down. With this latest rumor, however, a move could be on the cards. To add some spice to the tea, Avalanche has conveniently thrown $290m recently to get projects running on its subnets.
- Losing ApeCoin and its NFT arsenal would be a banana peel for Ethereum, which is only around the corner from its long-anticipated merge that is set to curb ridiculous gas fees by shifting to a proof-of-stake model. Can it hold onto this lucrative branch?
There’s a new ape on the blockApeCoin hops on Polygon’s blockchain to offset stress on Ethereum after the NFT minting mania that saw over $180m burnt in gas fees.
- ApeCoin will now be supported by Polygon, a sidechain that runs on Ethereum. The aim here is to help process transactions for Ethereum, which saw its network buckle under the pressure of Yuga Lab’s NFT sale of land plots in its Otherside metaverse. Things actually got so bad that Yuga Labs has since offered to refund back users’ extortionate gas fees.
- Gas fees spike when the network gets congested with transactions, and the NFT mania that saw $320m minted in one day led to the average price of ETH’s gas fees soar from $11 to $196 on May 1. Transaction data shows that many people paid around $6.5 - 8k to mint an NFT worth around the same price.
- Apes still want to run their token on a native blockchain, though. While Yuga Labs agrees it’s “abundantly clear” that ApeCoin needs its own chain to run on, Yat Siu of ApeCoin DAO’s board has since dispelled rumors of an Apechain.
Laugh now, but one day we’ll be in chargeBored Ape Yacht Club’s launch of the Otherside metaverse becomes the largest NFT mint in history, raising $320m.
- This NFT offering was no boring affair – $100m in sales was made in just 45 mins, eventually selling out for an eye-watering $320m. All sales were made in BAYC’s native token APE, with each plot of land costing 305 APE, roughly $5k based on the token’s price on Saturday. All 55k plots of land sold, making it the biggest NFT offering in history.
- The apes gave Ethereum’s blockchain a run for its money. Gas fees went through the roof, costing investors a whopping $123m worth of ETH – almost half the money made from the land plots. One unlucky user is reported to have spent $43k ETH to mint just two NFTs. In response to the frenzy, Yuga Labs agreed that APE needed its own chain to run on.
- Is Otherside a bit of a banana republic, though? ApeCoin dumped hard on Sunday, falling 20% to basically wipe out any of the gains investors had made in the build-up to the metaverse launch. However, Otherside land plots are already selling for over $10k on OpenSea, so it seems the apes may have outwitted the market yet again.
Shocked Ape Yacht ClubFrom Instagram to instant loss: Bored Ape Yacht Club (BAYC) holders fall victim to a phishing scam that sees over $13m stolen in NFTs.
- BAYC had their Insta and Discord channel hacked on Monday. The blue-ticked accounts were taken by the attackers, who sent the ApeCoin army to an unofficial link that mimicked an NFT airdrop run by BAYC. There, users were given the chance to mint land in the upcoming OthersideMeta, which is due to launch later this week.
- But users got tripped up by a banana peel after getting told to link their MetaMask wallet to the scammer’s wallet in order to take part in the airdrop. Once connected, users’ wallets were basically an open door, and 91 NFTs were pinched within minutes.
- By floor price, the total stolen amassed to $13.7m, but Yuga Labs (BAYC’s matriarch) reckons the market value will be less than that. Be careful out there, even if it’s coming from the horse's mouth: there is no such thing as a free lunch. Especially in crypto.
Swinging on fragile branches?The ApeCoin jungle has a pod of whales circling it, with large-scale investment helping the token top off another impressive week.
- APE swung up nearly 44% last week to hit a new high of $18.44. Clearly, the token is not letting a tired-looking Bitcoin and a general bearish sentiment towards the crypto market shake it out of its bullish tree.
- However, a small selection of wallets are taking up a lot of the supply. The coin distribution has a heavy concentration of not monkeys but whales, with 52% of the supply being owned by the top 100 wallets on the network.
- OK, enough mammal talk. What could this mean? Well, for a relatively new crypto, ApeCoin will just hope that these whales are in it for the long run. And although crypto is meant to challenge centralized ownership (at least last time we checked), it isn’t uncommon for many popular cryptos to have asymmetrical distributions of tokens.
Ape prices go bananasApeCoin investors buy the unconfirmed land sale rumor and send prices swinging up to a brand new ATH.
- Turns out crypto fans love a rumor… who knew. Bored Ape Yacht Club (BAYC) members and those that hold its token were sent into a flurry of excitement as (potentially false) news hit that BAYC will be granted virtual land in Yuga Labs’ (they developed BAYC) new “Otherside” metaverse.
- It started out with a tweet, how did it end up like this? A pseudonym duo tweeted the rumor earlier this week, adding that ApeCoin would be used as the virtual world’s central de facto payment token.
- ApeCoin flew 25% on Wednesday to mark its highest close ever at $16.7, and the token has now boomed over 100% since first launching on March 18. Yuga Labs said a while back that it would be using ApeCoin for “future projects”, so while the rumor could be speculation, it could also very well be true.
Planet of the Bored ApesCoinbase gets the director’s chair as it launches Bored Ape Yacht Club’s movie trilogy, likely to coincide with the launch of the company’s NFT marketplace.
- Bored Ape Yacht Club is getting three animated movies produced by Coinbase, less than a month after the launch of ApeCoin – topping off what has been a pretty cinematic Q1 for the token. Bored Ape owners are invited to contribute to the trilogy by submitting the character represented in their NFTs as potential movie stars.
- The primates will need their tuxedos for June, with the first release scheduled for then. Those who want to watch the movie will need a Coinbase wallet – handy for the exchange giant, since it may coincide with the launch of CoinbaseNFT.
- You maniacs! You blew it up! Yup, afraid so – ApeCoin fell 9% yesterday after a bloody day in the crypto market. Otherwise, APE has been v kind to investors, up over 100% since it landed on this strange planet we call crypto.
The Ascent of ScamSome Bored Ape inventors are wishing for a Jane Goodall of their own to rescue them from De-Fi’s latest phishing attack.
🔍 Key points:
- Investors have been defrauded of over $1m this week after several verified Twitter accounts (with Bored Ape profile pics) were hacked and started prompting a fake ApeCoin airdrop last week.
- Will this listing survive the scrutiny of regulators? There’s much debate in the crypto world around what could be considered a security, but Yuga Labs has bought the IP behind Bored Ape and earns a cut every time one is resold. That gives off security vibes, and some investors think the SEC may get involved.
- But investors in the legit coins are enjoying the ride until then. ApeCoin lifted over 48% last week after seeing similar gains the week before, and has already become the top traded token amongst Ethereum whales in its short time on the market.
Apes swing into the metaverseYuga Labs, the guys behind the Bored Ape Yacht Club and its popular new ApeCoin, is making use of the spotlight to join the metaverse gaming trend.
🔍 Key points:
- Yuga Labs has just raised $450m in funding at a $4bn valuation on the heels of its dramatic ApeCoin drop. The brand says it’s going to use the cash to build a media empire around non-fungibles, starting with its own metaverse and gaming projects.
- Other crypto firms are diving into the metaverse gaming space as a way to spice up the new virtual world that’s slowly gaining traction. Crypto exchange FTX has just acquired Good Luck Games, a few weeks after announcing the launch of its new gaming platform.
- Both tokens hopped up in excitement to cap off a solid few days. ApeCoin swung up 9% on Tuesday and has spent nearly every day in the green since its impressive debut, and FTX’s FTT token lifted a more modest 2% to enjoy its fourth straight day of gains.
Richard Horvath/ Unsplash
King of the SwingersThe Bored Ape Yacht Club (BAYC) drops its very own cryptocurrency as it tries to become a crypto jungle VIP, but it turns out investors are tired of monkeyin’ around.
🔍 Key points:
- The BAYC just airdropped its new ApeCoin token to its NFT holders, which will be used as the “primary token for all new products and services” from the DAO and its parent company Yuga Labs – NFT holders got the tokens for free and could either choose to hold onto their tokens or sell them for a profit.
- All that selling led to a volatile day for ApeCoin, which hit highs of over $18 and then lows of under $8, all within a few hours. Demand was through the roof for the token, which Yuga Labs already has big plans for, and some people made thousands of dollars selling on their free drops.
- Scammers were out in full force, as seems to always be the case with a buzzy crypto launch. There were multiple ApeCoins that launched on the BNB Chain and a phishing account was set up to try to reel in incautious investors – it got so bad that Yuga Labs had to issue an official warning against potential scams. Crypto sure keeps us on our toes, right?
shykhman / Pixabay