Saturday 28 May 2022
Home / ADA / ApeCoin integrates with Polygon amid NFT mint backlash and speculation

ApeCoin integrates with Polygon amid NFT mint backlash and speculation

ApeCoin (APE) announced its integration with Ethereum (ETH) sidechain Polygon (MATIC) after the recent Yuga Labs’ Otherdeeds nonfungible token (NFT) minting incident led to speculation about a new chain for APE.

On Sunday, Yuga Labs, the creators of the Bored Ape Yacht Club NFT collection, opened the minting for Otherdeeds NFT land. The drop gained overwhelming support from its community, with an estimated $300 million in sales. Despite this, the drop encountered a list of issues such as pushing ETH gas fees to unprecedented highs, which meant that users paid around 2 to 5 ETH for gas.

Because of this, users who failed to mint NFTs but still paid ETH gas fees were outraged and expressed their frustration through Twitter — some even tweeted that they are pulling out of their APE-related investments.

While Yuga Labs promised to refund their gas, some users speculated that the failure was a planned marketing stunt, i.e., highlighting a problem, then announcing a new chain for APE. However, an ApeCoin decentralized autonomous organization (DAO) representative denies this.

ApeCoin DAO board member Yat Siu clarified that this was not the case. While Yuga Labs encourages the DAO to think of migrating to a new chain, Siu noted that there was no discussion among the DAO's board members nor with other parties about the possibility of an APE chain.

Despite the clarification, some are not convinced and are still unhappy wiith the results of the event. Twitter user MetaMan said that the facilitators of the event should simply admit that they messed up and that it was a bad idea.

Related: ApeCoin slides 40% in 3 days despite Otherside metaverse land sale — Here’s why

The event also led to the burning of 55,817.39 ETH ($158 million), putting the Otherdeed NFTs at the top of the ETH 7-day burn leaderboard and pushing the Ethereum network's burn to a new all-time high of 70,000 ETH.

About Sean Patterson

Check Also

Identity and the Metaverse: Decentralized control

“The Metaverse” and “Web3” are the buzzwords of the moment, with their concepts permeating across the worlds of fintech, blockchain, and now even mainstream media. With decentralization thought to be at the core of the Web3 Metaverse, the promise of a better user experience, security and control for consumers is what’s driving its growth. But with users’ identities at the heart of the Metaverse, coupled with unprecedented amounts of data online, there are concerns over data security, privacy and interoperability. This has the potential to hinder the development of the Metaverse, but both regulated and self-sovereign identities could play an important role in ensuring that we truly own our identity and data within this new space. Related: Digital sovereignty: Reclaiming your private data in Web3 What is the Metaverse?Although the concept of the Metaverse has been around for a while, it was recently brought into the spotlight when Mark Zuckerberg chose to rename his company “Meta” (to th..

Leave a Reply

Your email address will not be published. Required fields are marked *