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The Guardian - UK
The Guardian - UK
Technology
Alex Hern

FORGOTTEN HISTORY: Yuga labs apologises after sale of virtual land crashes ethereum - Caught on Camera

Yuga Yuga Labs Ethereum NFT Molly White Crypto Orside
Illustration picture of Ethereum with
Yuga Labs, the creator of the popular Bored Apes Yacht Club collection of NFTs, raised about $320 million after its metaverse land sale. Photograph: Florence Lo/Reuters

A multi-billion dollar cryptocurrency company has apologised to users after its sale of “metaverse land” sparked a frenzy that temporarily overwhelmed the Ethereum cryptocurrency.

Yuga Labs, the company behind the Bored Ape NFTs beloved of Jimmy Fallon and Paris Hilton, announced the sale of its latest tokens – representing plots of land in a forthcoming multiplayer game called Otherside – on Sunday. A total of 55,000 plots were sold, at a flat price of 305 ApeCoin (a currency created by Yuga), which is worth about £4,500 at current exchange rates.

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