{"id":22283,"date":"2022-05-02T10:30:50","date_gmt":"2022-05-02T14:30:50","guid":{"rendered":"https:\/\/www.technewsday.com\/?p=22283"},"modified":"2022-05-03T12:38:08","modified_gmt":"2022-05-03T16:38:08","slug":"the-bored-ape-company-raises-around-285-million-worth-of-crypto","status":"publish","type":"post","link":"https:\/\/technewsday.com\/staging\/the-bored-ape-company-raises-around-285-million-worth-of-crypto\/","title":{"rendered":"The Bored Ape Company Raises Around $285 Million Worth Of Crypto"},"content":{"rendered":"<p id=\"arIndex_0\" data-ar-index=\"0\">The company behind the NFTs series &#8220;Bored Ape,&#8221; Yuga Labs, collected cryptocurrencies worth about $285 million. The startup achieved the feat by selling tokens that represent land in a virtual world game.<\/p>\n<p id=\"arIndex_1\" data-ar-index=\"1\">In an online sale on April 30, Yuga Labs sold NFTs called &#8220;Otherdeeds.&#8221; The NFTs could be exchanged as plots of virtual land in a future Bored Ape-themed online environment called &#8220;Otherside.&#8221;<\/p>\n<p id=\"arIndex_2\" data-ar-index=\"2\">The &#8220;Otherdeeds&#8221; can only be purchased with the project&#8217;s associated cryptocurrency called ApeCoin.<\/p>\n<p id=\"arIndex_3\" data-ar-index=\"3\">Yuga Labs had 55,000 Otherdeeds for sale and cost 305 ApeCoin each. The company announced on Twitter that the NFTs were sold out.<\/p>\n<p id=\"arIndex_4\" data-ar-index=\"4\">This means that the sale brought in 16,775,000 ApeCoin, which on Sunday was worth about $285 million, based on ApeCoin&#8217;s price on the cryptocurrency exchange Coinbase.<\/p>\n<p id=\"arIndex_5\" data-ar-index=\"5\">The sale underscores the continued high demand for speculative, high-risk cryptoinvestments associated with online virtual worlds.<\/p>\n<p id=\"arIndex_6\" data-ar-index=\"6\">Yung Labs declined to say how many people worked on Otherside or when it would hit the market.<\/p>\n<p id=\"arIndex_7\" data-ar-index=\"7\">The sources for this piece include an article in <a href=\"https:\/\/www.reuters.com\/technology\/bored-ape-nft-company-raises-around-285-million-crypto-virtual-land-sale-2022-05-01\/\" target=\"_blank\" rel=\"noopener\">Reuters<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company behind the NFTs series &#8220;Bored Ape,&#8221; Yuga Labs, collected cryptocurrencies worth about $285 million. The startup achieved the feat by selling tokens that represent land in a virtual world game. In an online sale on April 30, Yuga Labs sold NFTs called &#8220;Otherdeeds.&#8221; The NFTs could be exchanged as plots of virtual land [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[34,57,17],"tags":[424],"class_list":["post-22283","post","type-post","status-publish","format-standard","hentry","category-artificial-intelligence","category-companies","category-data-analytics","tag-cryptocurrency"],"acf":[],"_links":{"self":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts\/22283","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/comments?post=22283"}],"version-history":[{"count":2,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts\/22283\/revisions"}],"predecessor-version":[{"id":22285,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts\/22283\/revisions\/22285"}],"wp:attachment":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/media?parent=22283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/categories?post=22283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/tags?post=22283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}