Bored Ape NFT Firm Gets Almost $285 Million in Crypto Payments After Virtual Land Sale: Details

ApeCoin

Recent price dip gave whales another opportunity to buy APE at discount

Yuga Labs, the company behind the “Bored Ape” series of NFTs, has raised around $285 million in cryptocurrencies through the sale of tokens that represent land in a virtual world game it claims to be developing. .

Yuga Labs sold “Otherdeeds” NFTs in an online sale on April 30 that it said could be swapped for plots of virtual land in a future Bored Ape-themed Metaverse dubbed “Otherside.”

“Otherdeeds” could only be purchased with ApeCoin, the cryptocurrency linked to the project which was recently launched in March. Other acts were available for purchase for 305 ApeCoin each, and Yuga Labs disclosed in a Tweeter that they had already been sold.

This means the sale generated 16,775,000 ApeCoins, valued at about $285 million as of April 30, which coincided with the online sale’s timing. Although the company stated that ApeCoin would be “locked up” for one year, the details of how the funds will be distributed remained scanty at press time.

Apecoin Price and Whale Purchases

Apecoin, the token behind the Bored Ape Yacht Club-inspired DAO, has fallen more than 10% in the past 24 hours amid the historic Metaverse land sale.

According to CoinMarketCap data, APE is now trading at $15.42, down 9.15% in the last 24 hours and 9.55% in the past week. APE is now 29th largest in terms of market capitalization and attained all-time highs of near $40 on March 17.

The recent price drop has given whales another opportunity to buy discounted APE. According to WhaleStats, two Ethereum whales have purchased APE tokens worth $9 million in the past few hours. The “Jiraiya” whale bought 499,998 APE worth $8.1 million, and the “Bombur” whale caught 70,804 APE worth $1,255,359.

ApeCoin also ranks as the most traded token amid the top whales after flipping Enjin coin, as reported by WhaleStats. Apecoin is also one of the most used smart contracts for whales as large investors increased their exposure to the token.

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