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Despite the NFT mint’s controversy and suspicions, ApeCoin has worked with Polygon

Despite the NFT mint's controversy and suspicions, ApeCoin has worked with Polygon

ApeCoin (APE) announced its integration with Ethereum (ETH) sidechain Polygon after the recent Yuga Labs’ Otherdeeds nonfungible token (NFT) minting event raised concerns about a new chain for APE (MATIC).

On Sunday, Yuga Labs, the creators of the Bored Ape Yacht Club NFT collection, began minting Otherdeeds NFT land. The drop garnered a lot of support from its community, with an estimated $300 million in sales. Despite this, the fall resulted in a plethora of issues, including an increase in ETH gas prices to all-time highs, with customers paying between 2 and 5 ETH for gas.

Customers who were unable to mint NFTs but still had to pay ETH gas prices were irritated, and some even announced their withdrawal from APE-related ventures as a consequence.

While Yuga Labs agreed to repay their gas, numerous users believed the event was an intentional marketing ploy in which a fault was emphasized prior to the debut of a new APE chain. A representative for the ApeCoin decentralized autonomous organization (DAO), on the other hand, rejects this.

This was not the case, according to Yat Siu, a member of the ApeCoin DAO board. While Yuga Labs asks the DAO to explore shifting to a new chain, Siu notes that the notion of an APE chain was not addressed among the DAO’s board members or other stakeholders.

Despite the explanation, some people are still doubtful and unsatisfied with the result of the incident. A Twitter user named MetaMan proposed that the event’s organizers just state that they made a mistake and that the event was a bad idea.

The event also resulted in the burning of 55,817.39 ETH ($158 million), pushing the Otherdeed NFTs to the top of the ETH 7-day burn leaderboard and raising the Ethereum network’s burn to a new all-time high of 70,000 ETH.

About Humano

He is a freelance writer based in Turkey. He loves NFTs, football, film and technology.

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