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The Creator of ‘Evolved Apes’ Vanishes with $2.7 Million

The creator of the Evolved Apes NFTs, Evil Ape, appears to have stolen $2.7 million in ETH from investors. The person’s Twitter account and website have both been taken down.

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The author of the popular Evolved Apes NFT series appears to have made off with $2.7 million in investor funds. The creator’s pseudonym, “Evil Ape,” is no longer active on social media, and the website has also been taken down.

The Evolved Apes series is about a group of 10,000 NFTs who have been “locked inside a lawless region,” where only the strongest apes would survive in the survival of the fittest situation. The game was supposed to be a fighting game, but it hasn’t happened yet.

The 798 Ether that went missing was supposed to go toward project development and marketing. But, unfortunately, the monies have now become increasingly probable to have been stolen.

The scam impacted many people in the Evolved Ape community, from users to NFT producers. Unfortunately, the project’s artist had not been paid, and this was just one of several warning lights pointing to an impending rug pull.

One investor, speaking to Motherboard, was candid about Evil Ape’s depravity.

“What has happened is that Evil Ape has washed his hands of the project, removing the wallet containing all of the ETH from minting that was to be utilized for everything, including paying the artist, cash giveaways, marketing, rarity tools, game development, and everything else in between.”

However, there is a glimmer of hope. The NFT holders will revive the series in the shape of Fight Back Apes. They can carry on the tradition of the NFTs as holders and possibly recoup some of their lost money. This new series will use a multi-sig wallet to ensure that Evil Ape does not access the funds.

Scams still exist in the NFT business

While NFTs have proven to be highly profitable for many, they have also raised concerns. This includes security concerns, as well as accusations that the niche is being used to launder money. As a result, many in the industry are considering how to make the NFT sector more secure, and occurrences like this will fuel the fire.

Individuals putting up artists’ works without their consent is one-way NFTs might be harmed. A bogus Banksy artwork, for example, sold for $336,000 barely a week after the actual Banksy website was hacked.

NFTs are now well and fully entrenched in the mainstream, with celebrities and businesses promoting themselves through the medium. With such a high level of public participation, it will be critical to enact stronger investor protection laws.

Projects

Shopify Expands Online Retailers’ NFT-Gated Options

Brands are able to increase the exclusivity of their shops thanks to the e-commerce platform.

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The future of e-commerce, according to Shopify, is in NFTs.

As a new option for brands wishing to make their stores more exclusive, the online retail behemoth, which enables small businesses to construct customized e-commerce shops, is providing NFT-gated storefronts, Shopify announced on Wednesday.

In the Shopify introduction video, which includes a skating woman who passes through a pastel portal and transforms into a Doodles NFT, a voiceover urges viewers to “invite their communities into a world that acknowledges and rewards devotion.”

The video explains that token holders can access special shopping opportunities by connecting a cryptocurrency wallet, including early access to drops and limited collections as well as one-of-a-kind experiences and other surprises.

Only individuals with existing NFT collections are able to apply for early access to Shopify’s “gm” shop, which is a gated merchandise store and a play on the Crypto Twitter acronym for “good morning.”

However, those that haven’t received approval yet can still integrate NFT token-gating apps like Shopthru or Single into their Shopify sites.

Shopify announced that it has already collaborated with the Adam Bomb Squad, Doodles, World of Women, Invisible Friends, Superplastic, Stapleverse, and Cool Cats NFT collections to develop token-gated shops as part of its token-gated business launch.

Shopify is introducing “IRL” token-gating in brick-and-mortar stores in addition to online token-gating, which restricts access to certain merchandise to authorized NFT holders exclusively.

Why is this important? The future of Web3 commerce will focus on exclusivity, for one thing. NFTs, which are distinctive blockchain tokens that denote ownership over an asset, are increasingly employed as membership cards, tickets to events, and “keys” to open benefits, despite the fact that they are frequently oversimplified as digital art or “jpgs.”

Additionally, this isn’t Shopify’s first venture into NFTs: The business has been involved with Web3 since last year, when it announced the launch of NFT sales on its platform. Brands can mine and sell NFTs on Shopify to clients using the Ethereum, Polygon, Solana, or Flow platforms.

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OpenSea, beware—Uniswap is pushing into NFTs

The NFT aggregation platform Genie is being purchased by Uniswap Labs, the organization that created the Ethereum-based decentralized exchange Uniswap.

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In a Bankless interview on Tuesday, Uniswap founder and CEO Hayden Adams said, “We’re attempting to transfer what we brought to the ERC-20 market to the NFT sector.”

You can buy NFTs—individual blockchain tokens that represent ownership—on a variety of different marketplaces, such as OpenSea, LooksRare, or Coinbase NFT. However, few allow consumers to buy many things at once, and none provide aggregation tools that let traders view listings on competing marketplaces.

According to Uniswap Labs on Twitter, “We see NFTs as another form of value in the burgeoning digital economy, and it’s a no-brainer for us to integrate them.”

The NFT aggregator Gem, which also enables customers to acquire numerous NFTs in a single transaction, was purchased by OpenSea just two months prior to the announcement of its acquisition by Genie. OpenSea intends to incorporate NFT aggregation functions into its primary platform, just like Uniswap.

A new tab dedicated to NFTs will be added to Uniswap’s main website later this year as part of the company’s push into NFTs, according to a statement from the company. Additionally, NFTs will be included in its developers’ APIs and widgets.

Uniswap Labs intends to airdrop an unspecified quantity of the stablecoin USDC to Genie’s early backers as a way to commemorate its acquisition. By April 15th, USDC will be given to everybody who had utilized the platform at least once or owned a Genie Genesis NFT. (The business had earlier tweeted that Genie Gem owners were eligible for the airdrop.)

Uniswap entered the NFT market for the first time in 2019 with Unisocks, an NFT that granted holders access to a real pair of socks.

The largest NFT market, OpenSea, has a floor price for Unisocks of 13 ETH (about $15,300) at the time of writing.

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NFT marketplace in Solana Magic Eden completes a $130M Series B investment with a $1.6B value

Over 90% of NFT trade volume on Solana is accounted for by Magic Eden.

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On Tuesday, Magic Eden, a popular nonfungible tokens (NFTs) platform on the Solana (SOL) blockchain with 112,927 SOL ($4 million) in 24-hour trading volume, announced that it had closed a Series B round for $130 million. The funding round was led by investors such as Electric Capital, Greylock, Lightspeed Venture Partners, Paradigm and Sequoia Capital valued the firm at $1.6 billion.

The newly-infused capital will be used to expand the company’s primary and secondary marketplaces, explore multi-chain opportunities, allow new hirings, and for use in research and development. Since its inception in September 2021, the marketplace now receives an average of 22 million unique monthly sessions and sees over 40,000 NFTs traded daily.

Magic Eden’s Launchpad has also onboarded over 250 projects to date. In addition, it offers customization, marketing support, and operational execution to new NFT collections coming onto the primary market. Meanwhile, its secondary market covers over 7,000 listings and sees over 92% of all NFT volume on Solana.

Furthermore, Magic Eden has also launched over 50 games and metaverse projects. In that segment, the firm oversees 90% of all gaming NFTs on Solana traded on its marketplace. Regarding the development, Zhuoxun Yin, chief operating office and co-founder of Magic Eden, commented:

“We’re thrilled to have the continued support of our investors and community and look forward to delivering on Solana and beyond.”

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