BAYC’s Native Token Is The New Number One Metaverse Token

BAYC’s native token (Apecoin) gained 7% during Wednesday morning’s trading session to exchange hands at $19.15. Thus, gaining nearly 23% in the last seven days. The gains in the price of Apecoin are linked to Yuga Labs’ proposed launch of the Otherside metaverse on April 30.

Yuga labs, which owns BAYC NFT collections, further announced that the Apecoin token would also be the governance token of the Otherside metaverse. Apecoin’s price increased following that announcement, and its overall evaluation is now higher than that of MANA, SAND, and AXS.

You’d recall that Apecoin (APE) is also the native token of the BAYC community. Asides from overtaking other metaverse tokens to be the number one metaverse token, it has also performed impressively compared to the top 100 cryptos listed on Coinmarketcap. Apecoin’s overall evaluation of approximately $5.6B makes it rank among the top 30 digital assets.

BAYC Users Lose $2.6M Worth Of Nfts To Hackers Following An Instagram Hack

Per a Coindesk report, hackers siphoned nearly $2.6M worth of NFTs after hacking BAYC’s Instagram account. After gaining control of the Instagram account, the hackers posted a phishing BAYC web link which allowed them to siphon $2.6m worth of NFTs from unsuspecting users. The report also stated that the hackers didn’t just steal BAYC NFTs; they also stole other expensive NFT collections such as Mutant Apes and Kennel Clubs. 

Part of BAYC’s official statement regarding the incident states that it is still surprising that their Instagram account was hacked because it is run with the best security practices, especially the widely acclaimed 2-factor authentication. The hack proves that 90% of unannounced airdrops are possible scams and NFT traders need to be careful to avoid losing valuable digital assets to cyber thieves.

A Cosmos-Built Token Is Also Performing Excellently

Besides ape, another top 100 token with an impressive performance during this morning session is the secret network’s native token, SCRT. The native token of the cosmos-built secret network (SCRT) gained 10% in the last 24 hours.

In other metaverse-related news, two Web3 platforms, ALTER and Huddle01, have announced a collaboration over developing a decentralized alternative to meeting apps like google meet and zoom. The two platforms aim to develop this alternative via the Secret protocol.

In the meantime, the wider crypto market remains on the decline, losing 2.5% in the past 24 hours based on the recent Coinmarketcap data. The price of the top two digital assets (BTC and ETH) dipped by 2.5% and 2.7%, respectively, in the past day.

More Brands Launch On The Metaverse

Many brands are starting to launch on the metaverse space as the web3 space continues to expand rapidly. Also, many of them are moving there to gain the first-mover advantage, which proved to be a big advantage during the early days of social media. It is often easier to stand out and learn during the early stages of any network since there is little or no competition.

Leave a Reply

Your email address will not be published.

Related

Britain’s Chancellor Defers Tough Decisions to The Next Administration

The new British government is characterized by its severance to caution when it comes to its economic administration and its readiness to devote itself to performing just causes, regardless of the financial toll on the political sector.  As its precursor, Liz Truss, in September, decided to divide Britain’s economic organization, and the event exposed enormous […]

Genesis Halts Withdrawals Amid a Collapse of The Digital Currency Market

Genesis Global Capital has stopped processing withdrawals, confirming this week’s rumors. This is the most current lending program to file for bankruptcy. In 2022, Celsius Network, Voyager Digital, and other companies did so. At the moment, Derar Islim is Genesis’ acting CEO. Islim told Investors that the firm is looking at its options and seeking […]

Nayib Bukele Pledges To Buy 1 BTC Daily for El Salvador

The President of Els Salvador has pledged to start buying at least 1 BTC daily. This news emerged months after El Salvador is said to have completed its final BTC acquisition, 80 BTC at quite a cost of $19k each, in July this year. Previous Buy History of El Salvador  As per information from Buy BTC […]

Indonesia’s Central Bank Raises Rates By 50 Bps

In light of a robust economy and “high” inflation expectations, the Bank of Indonesia said on Thursday that it would act more firmly. As a result, the bank has increased the benchmark interest rate for the third consecutive month. A Global Economic Slowdown Bank of Indonesia was expected to increase the 7-day reverse repo rate […]

G20 Countries Commit to Uniting Their Efforts Towards a Robust Global Economic Recovery

Several countries in the G20 organization, the U.S, India, and the EU, have promised to create a robust global economic recovery by providing more employment and encouraging development. The proclamation made by the G20 Bali governors comes after the summit, which discussed solutions to the dilapidating economy, attended by some of the top global rulers. […]