New BAYC Project Gets Off In A Bad Way As Holders Lose Millions In NFTs

Some fans at the Bored Ape Yacht Club (BAYC) are currently going through a rough patch. The one-year-old NFT collection, backed by Yuga Labs, had witnessed some hacking activities that left users losing millions of dollars.

This comes after Yuga Labs launched the Otherdeed for Otherside collection, an NFT-based gaming platform. The new gaming initiative had buyers paying thousands to buy the game, but many of the transactions were not successful.

Yoga described the new gaming collection as “the key to claiming land in Otherside,” the company says ApeCoin will be used as the official token on the play-to-earn gaming platform. Although there are few details about the project available to the public, it was meant to be launched in April. But that didn’t work out for Yuga Labs, as the project has not been launched. It’s not clear what benefits the project will bring to the users when it eventually launches. But based on some reports, the project would serve as a convergence for holders of NFTs of different origins, such as World of Women and CryptoPunks in addition to BAYC.

The New BAYC Game Has Been A Flop So Far

Although more information about the BAYC video is still pending, the project has generated poor reviews and has not won people’s affection. The sale of the Otherdeed commenced on April 30. At the time, Yoga Labs called the project the “largest NFT mint in history.” However, it led to an upsurge on the blockchain and could be minted only with ApeCoin. This led to a massive increase in Ethereum’s transactional “gas fees,” with some buyers paying as high as $14,000. Additionally, some of the buyers still had to pay gas fees even when their transactions for the Overdeed NFT failed.

Holderslost $6.2 Million Worth Of NFTs To Scammers

Yuga Labs, while commenting on the development, stated that the company is aware that some buyers’ transactions failed because of the ridiculously high demand on Ethereum’s bottleneck. The company thanked the users for their patience and promised them that their gas fees would be refunded.

Yuga Labs later informed users that all the gas fees have been refunded to the buyers, but the message received multiple replies claiming their fees have not been refunded. While some were waiting on their gas fee refund, a fake Otherside webpage deceived some users, stealing NFTs valued at $6.2 million.