All virtual land parcels in Yuga Labs’ Otherside metaverse were traded using the Apecoin (APE) token. This and more news is in this handy daily digest to keep you up to date with the latest developments in the crypto world.
Metaverse and Play to Earn Games
📍The launch of virtual land NFTs in the Otherside metaverse was a huge sales success for Yuga Labs, although high demand from users ended up collapsing the platform, leaving hundreds of investors affected and gas fees on the Ethereum network at new heights.
In its first few hours of launch, around 55.000 virtual land NFTs were minted, worth 305 APE per NFT, allowing Yuga Labs to raise over $318 million. However, the high demand for these NFTs crashed the Ethereum network, sparking a gas fee war and leaving the network inaccessible to many.
In a recent tweet, Yuga Labs informed that it is still working on refunding gas fees to everyone who tried to mint Otherdeed NFTs with failed transactions. In the tweet, the company’s developers emphasized that miners do not need to do anything to receive the gas fees. “We will transfer everything to your wallet and announce when it is complete. Please do not click on any links,” the developers said in their most recent Twitter message.
On the other hand, the Bit Infocharts platform records that Ethereum gas fees skyrocketed from approximately $11 on Saturday, to more than $ 190 at the time of this writing, representing a 1.700% increase in the last 24 hours.
Bitcoin and Blockchain Adoption
📍Animoca Brands and OneFootball team up to bring football to blockchainGaming software developer Animoca Brands has partnered with OneFootball, one of the world's largest football media companies, to bring the sport to blockchain and Web3.
In a statement, Animoca Brands said the partnership will drive football and its fans’ entry into blockchain, NFTs, digital gaming and the metaverse, helping to return ownership of data and digital assets to fans.
Together with Animoca Brands, the developer of the popular blockchain metaverse The Sandbox, OneFootball hopes to bring new digital experiences to its fans, giving them more access and ownership and bringing them closer to the sport in a way never seen before.
OneFootball founder and CEO Lucas von Cranach said football outside the stands and off the pitch “will be decentralised and built on Web3”. Meanwhile, Animoca Brands co-founder and CEO Yat Siu noted that sport’s entry into technology has accelerated over the past year, highlighting the true value and potential of digital ownership and decentralisation.
Cybersecurity
📍The Solana network was disrupted again by a massive wave of transactions. Solana validators have restarted the network again after being down for 7 hours on Sunday. The cause, like the outage last September, was a massive wave of transactions sent to the network in a matter of seconds. Hundreds of thousands of transactions per second reportedly flooded and crashed the blockchain.
On Twitter, Solana developers reported that the reset was successful and that in the coming hours network operators and dapps will be restoring all client services.
Rules and Regulations
📍Cryptocurrency exchanges in Belgium must register with FSMA to operate legally. On Twitter, Belgium's Financial Services and Markets Authority, the FSMA, said that cryptocurrency exchanges and trading platforms must now register with the authority by September 1 to legally operate in the country.
The new regulation, which came into effect on Monday, May 1, also applies to natural persons, the regulator said in a statement shared on Twitter.
Continue reading: Samsung plans to launch Asia's first cryptocurrency ETF
