London, Europe Brief News – By selling tokens that represent land in a virtual world game that it claims to be developing, the company behind the “Bored Ape” collection of NFTs has amassed almost $285 million in bitcoin worth.
Blockchain coins portraying 10,000 computer-produced cartoon apes were developed by Yuga Labs in the United States last year. Let’s review the reason behind the rise in prices of Board Ape NFT Firm.
The rise in Prices of Bored Ape NFT Firm
Bored Ape prices have risen in line with the meteoric rise in popularity of non-fungible tokens (NFTs), which are cryptographic representations of digital content such as images, videos, or devices used in online games for several thousand dollars per unit.
NFT Apes have been sold at major auction houses and owned by celebrities like Paris Hilton and Madonna, making them one of the most renowned NFT makers.
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Bored Ape, an Unregrettable Investment
The so-called “metaverse” is now Yuga Labs’ focus after it secured $450 million in investment in March from Andreessen Horowitz.
Known as “Otherdeeds” in a future Bored Ape-themed online environment known as “Otherside,” Yuga Labs presented NFTs as “Otherdeeds” in a web-based sale on April 30.
As of March, ApeCoin, which is the challenge’s cryptocurrency, could only be used to acquire “Otherdeeds.”
At 305 ApeCoin each, 55,000 Otherdeeds were available, and the company announced on Twitter that they had all sold out.
According to estimates based on ApeCoin’s valuation on cryptocurrency exchange Coinbase at 12:10 GMT on Sunday, the sale generated $285 million for ApeCoin.
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Board Ape Account Hacked
Non-fungible tokens (NFTs) belonging to the Bored Ape Yacht Club have been stolen in another hacking assault.
Following an Instagram account takeover, a hacker set up “smart contracts” on the BAYC Instagram account, which led to a phishing post being clicked by several of the account’s followers, which linked their crypto wallets to the hackers’ “smart contracts.” As a result, the attacker was able to take control of four Bored Apes and a slew of other NFTs, totaling an estimated $3 million in assets.
Read More: How To Buy HEX: 3 Easy-To-Follow Steps
Conclusion
Following the Bored Ape NFT Firm Yacht Club’s Instagram account breach, Yuga Labs offers Otherdeeds for sale, allowing criminals to take victims’ NFTs.An investigation is underway to determine how the hacker gained access to Instagram. The IG account has two-factor authentication activated and strict security measures in place.
