This week was all about NFTs in the crypto world, with some of the biggest names in the space reaching milestones or announcing new developments. In other news, Samsung is looking to list a blockchain ETF on the Hong Kong Exchange.
Highlights:
- The Solana network was down for seven hours as a result of a bot attack on its popular NFT minting tool Candy Machine.
- NFT artist Beeple said in an interview that the next era of NFTs would focus on the theme of emotional connection and utility, as opposed to the money-making craze that has gripped the NFT market recently.
- Yuga Lab’s Otherside land deed sale has raised a whopping $319 million, with the 55,000 NFTs selling out in seconds.
- The market’s biggest NFT marketplace, OpenSea, is now accepting ApeCoin and will list secondary sales for Yuga Lab’s Otherside metaverse.
- South Korean media outlets are reporting that Samsung Asset Management will be listing a blockchain and crypto company ETF on the Hong Kong Exchange.
This Week in Crypto
Bot Attack of Solana’s Candy Machine NFT Tool Leads to Outage
The Solana network experienced a downtime of seven hours after bots tools flooded the network with large amounts of data, which resulted in the block production stopping and validators ejected from the consensus mechanism. They attacked the Candy Machine NFT minting tool, injecting 100 gigabits of data every second.
The validator community banded together to recover the mainnet. It’s unclear how exactly validators were kicked out of consensus and what went wrong in general. For now, safety measures have been put in place to protect the network.
Beeple Says the Next Era of NFTs Will Focus on Emotional Connection and Utility
Renowned artist Mike Winkelmann, also known as Beeple, is no stranger to headlines in the crypto space, being the most valuable artist in the NFT space and among the top in the wider world. His landmark NFT artwork set the tone for the NFT space and has spurred others to try their hand at digital art.
The artist spoke to Decrypt about his latest art project, HUMAN ONE, and the general future of NFTs. One of the changes he expects to see in NFTs is them becoming “a living, breathing document that changes over time.” He also expects NFTs of the future to focus more “on the emotional connection or utility, versus, you know, pure rampant speculation.”
Yuga Lab’s Otherside Land Deeds Sale Raises Over $300 Million
The single biggest headline of the past week was the highly anticipated sale of land deeds for Yuga Lab’s Otherside metaverse. The team ditched the Dutch auction system and instead set a flat fee of 305 ApeCoins for a single NFT, of which there were 55,000 in total.
All 55,000 NFTs sold out almost immediately, resulting in roughly $319 million raised. The activity also resulted in gas prices hitting a frankly shocking average of $439. Some users even paid thousands of dollars in gas fees. The consequence of this is that Yuga Labs has announced that it will need to migrate to its own chain, so there’s even more in store for NFT enthusiasts.
OpenSea Accepting ApeCoin
As ApeCoin being the hot token on Ethereum because of the Otherdeed sale, the market’s top NFT marketplace, OpenSea now accepts the token. The ApeCoin token has been subject to a massive price spike over the last few weeks because of various developments, and this is sure to add fuel to that.
In addition to being able to use ApeCoin for purchasing NFTs, OpenSea will list secondary sales for Yuga Lab’s Otherside metaverse. It appears that the association with the market’s hottest NFT and metaverse project right now will only increase going forward, probably to the benefit of both ApeCoin and OpenSea.
Samsung Asset Management Reportedly Looking at Listing Blockchain ETF
In a pleasant bit of news that’s come out of the blue, Samsung Asset Management is expected to list a blockchain exchange-traded fund (ETF) on the Hong Kong Exchange before the second half of the year. The news was broken by Korea Economic Daily, which states that the ETF would track crypto and blockchain tech companies in Asia.
Samsung Asset Management is the largest asset management company in South Korea. The ETF would become Asia’s first public blockchain and crypto-related ETF. It’s a big milestone and highlights Samsung’s interest in the blockchain and crypto space. The ETF is expected to have the same structure as the BLOK ETF, which U.S. ETF sponsor Amplify manages.