(Courtesy of Yuga Labs)

I sold virtual land with NFT… 360 billion won sold out

(Courtesy of Yuga Labs)

U.S. block chain startup ‘Yu-Gap Labs’ procured 360 billion won of virtual currency by pre-selling ‘virtual land’ used in the metaverse (3D virtual space).

Yuga Labs creates a boring monkey NFT (Non-Fungible Token) for the ‘Bore Monkeys Yacht Club (BAYC) Project’, a virtual character that has been transformed into a monkey. Yuga Labs created about 10,000 ‘boring monkeys’ NFTs last year. In September of the same year, at Sotheby’s auction in New York, 100 sets of boring monkey NFTs were sold for 24.4 million dollars (about 31 billion won). In particular, celebrities such as singers Justin Bieber and Eminem, and broadcaster Paris Hilton purchased this NFT one after another and became a hot topic.

As this NFT became popular, Yuga Labs issued a virtual currency called ‘APE’ in March of this year, and also released ‘Otherside’, a metaverse game with a boring monkey theme. This virtual land in ‘Atherside’, ‘Arthur Dies’, is an NFT that indicates the ownership of the virtual land inside the ‘Atherside’. On the previous day (2nd), Arterdiz sold all 55,000 lots. The purchase of Arthur Diz was made through apcoin.

It is analyzed that this kind of virtual land success was expected. When Yuga Labs announced its plans to launch Atherside on the 24th of last month, apcoin, which was around 20,000 won on the 23rd, surged 60% in a week and recorded 32,000 won on the 30th.

This virtual land sale also affected the Ethereum network. This is because, although virtual land sale can only be participated with apcoin, Ethereum, which is paid as gas fee (fee), is also required to create a transaction. As the demand for purchases from Adderdiz surged, the Ethereum transaction fee (gas fee) skyrocketed. If the transaction volume suddenly rushes to the Ethereum blockchain, transactions with high fees are processed first. Definer, a cryptocurrency finance company, explained, “When Oil Labs sold the virtual land, fees jumped the most in Ethereum transaction history.” In response, Yuga Labs apologized to Ethereum users through its Twitter account.

Reuters news agency warned that “high-risk cryptographic assets in the virtual world, such as NFTs, are not regulated and are vulnerable to fraud and market price manipulation,” regarding Yugap Labs’ digital land sale. “As Boring Monkey’s official Instagram account was hacked recently, there are concerns about the theft of the digital land ownership sold this time.”

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