In the real world, there's only one Lombardy, Italy. But that's not quite how "land" works in the metaverse. (Michele Rossetti/Getty Images)
Why on Earth Would Land Be Scarce in the Metaverse?
With their “skeuomorphic” approach to real estate, Web 3 metaverse projects may have fallen into a trap of their own making.
In the real world, there's only one Lombardy, Italy. But that's not quite how "land" works in the metaverse. (Michele Rossetti/Getty Images)

Project Galaxy launched its GAL token today. (Jeremy Thomas/Unsplash)
‘Smart Money’ Wallets Accumulate GAL, Decrease APE Holdings: Nansen Data
PXN: Ghost Division disrupts Yuga Labs’ NFT dominance.
Project Galaxy launched its GAL token today. (Jeremy Thomas/Unsplash)

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Crypto News Roundup for May 5, 2022
With the dollar's recovery keeping bitcoin under $40,000, a deeper dive into Wednesday’s Fed policy announcement and a look at what a bunch of apes can tell us about the NFT market, CoinDesk’s "Markets Daily" is back with the latest news roundup.
Markets Daily Podcast Cover

(James Rubin/CoinDesk)
Bored & Hungry in Crypto: Why This Burger Joint Wants to Use ApeCoin
The owner of the first Bored Ape-themed restaurant explains himself.
(James Rubin/CoinDesk)

Elon Musk activates Starlink in Ukraine (Pool/Getty)
APE Surges, Sinks as Elon Musk Teases With Bored Ape Collage as Profile Picture
The collage was made by auction house Sotheby's for its auction last year of 101 Bored Apes.
Elon Musk activates Starlink in Ukraine (Pool/Getty)

(Kelly Sikkema / Unsplash)
‘Smart Money’ Wallets Are Unloading APE, Filling Up on aSTETH, Nansen Data Suggests
“Otherdeed for Otherside” NFTs have seen the most activity in the last 24 hours, according to the on-chain analytics firm.
(Kelly Sikkema / Unsplash)

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Otherside and the Future of NFT Consolidation
In the wake of its chaotic metaverse land sale, Yuga Labs says it has outgrown Ethereum. Quelle surprise.
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(Bored Ape Yacht Club, modified by CoinDesk)
ApeCoin Drops, Ether Trades Flat Despite Record $200M Gas Burn
Over 71,000 ether were burned on Sunday amid demand for a new NFT project. But that did little to affect ether prices as the broader market traded flat.
(Bored Ape Yacht Club, modified by CoinDesk)

CDCROP: Bored Ape Yacht Club NFT image (Yuga Labs)
BAYC Team Raises $285M With Otherside NFTs, Clogs Ethereum
The virtual land rush for the ape-centered metaverse project has already cost traders more than $176 million in fees alone.
CDCROP: Bored Ape Yacht Club NFT image (Yuga Labs)