Why sustainability is emerging as the key bellwether of Web3.
26 May 2022, 07:49
Why sustainability is emerging as the key bellwether of Web3🧨
In April, the largest land rush in the brief history of the metaverse raised approximately $320 million from the sale of 55,000 parcels of virtual land in Otherside, an immersive world created by Yuga Labs, stewards of the Bored Ape Yacht Club collection of NFTs. The newly minted community cemented BAYC’s ascent from monkey JPEGs to a metaverse franchise in its own right—a trajectory any Web3-curious brand would kill for. But the stampede carried other costs, including an estimated $181 million in “gas fees” to pay for the electricity necessary to issue titles on Ethereum’s blockchain. At least one buyer paid eight times in gas fees what his plot cost in “ApeCoin.”
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