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- Frauds and unethical acts have always hovered around the NFTs space as many projects have experienced such things.
- BAYC’s metaverse plans witness barriers like missing refunds and phishing websites.
- But despite all that, the Otherdeed collection continues to attract folks.
Metaverse Project Seeing Obstacles Right From The Start
The significant Non-Fungible Token (NFTs) project, Bored Ape Yacht Club, seems to witness something controversial or the other constantly.
Although frauds, hacks, and other similar activities have always tagged along with the NFT space and even the crypto industry. They always stay in sight of the bad actors as they have grown by leaps and bounds, becoming multi-dollar industries.
Yuga Labs, the BAYC creators, recently got into such a trap with the Otherdeed for Otherside collection. It is an NFT-related gaming initiative that witnessed the purchasers buying thousands in failed transactions and later on becoming fraud targets.
Yuga Labs claimed the Otherdeed collection to be the key to claiming land in the Otherside, a play-to-earn gaming initiative supported by the recently launched ApeCoin. Otherside was planned to roll out in April but had not yet eventuated. Apparently, this concept relates to a metaverse by BAYC.
Although the specific details regarding the BAYC video game are yet to be out, the project has not attracted folks’ attention significantly. Yuga Labs addressed the Otherdeed sale of April 30 to be the biggest mint in history.
The NFTs were only minted via ApeCoin, which exists atop the Ethereum network. This also became a reason for Ethereum’s increased gas fees. Some purchasers had to pay around $14,000, and some others were also charged gas fees even if their transactions failed.
To this, Yuga Labs highlights via Twitter that they are aware that some users had failed transactions because of the incredible demand that is being forced on Ethereum. And that they would refund the gas.
Furthermore, it recently claimed that it had returned the gas fees to the folks who made the transaction that failed. But some replies indicated that not everyone had received a refund.
And here came the catch, as a fake Otherside website coaxed some holders out of NFTs worth $6.2 Million.
It is not the first time Yuga Labs has witnessed fraudulent activity. Earlier, the BAYC project had witnessed a hack of its Instagram account.
But despite the huge losses that the holders or potential buyers went through, the Otherdeed collection continues to witness considerable sales. The NFT collection is still fascinating to a lot of individuals.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
