Yuga Labs launches HV-MTL NFT collection
On Wednesday, Yuga Labs, the mastermind behind the famous Bored Ape Yacht Club, unveiled their most recent NFT collection, HV-MTL.
HV-MTL Collection and Dookey Dash
HV-MTL, abbreviated for Heavy Metal, encompasses a total of 30,000 “Evo 1” Mechs that can be acquired by burning Sewer Pass NFTs. On OpenSea, the minimum asking price for HV-MTL NFTs was quoted at 2.7 ETH, which is roughly $4,445 each. The collection has further exceeded 2,588 ETH on the secondary market, thereby accounting for approximately $4.3 million.
The newly introduced set is aimed at enabling users to convert their Sewer Pass NFTs into mechanized Mechs through the act of burning them. By doing so, users will be able to unlock future games and content.
The inception of Dookey Dash, an endless runner game, laid the groundwork for this progression. In the game, players maneuvered through a simulated sewer system, avoiding obstacles and collecting various items. Last month, esports sensation Kyle “Mongraal” Jackson won the maiden race, in which over 25,000 contenders used Sewer Passes as a source of fuel.
HV-MTL issues and scams
Amidst the buzz surrounding the launch of HV-MTL, certain collectors highlighted problems regarding the metadata and the absence of “companion” traits. Yuga Labs admitted the error and immediately took down the trait, with the goal of issuing a metadata upgrade post-resolution. The glitch was eventually fixed after a duration of over four hours.
Simultaneously, opportunistic scammers have endeavored to capitalize on the commotion by spreading links to harmful websites and posing as representatives of the Bored Ape Yacht Club. This emphasizes the necessity for collectors to exercise enhanced vigilance.
Yuga Labs Bitcoin NFT collection sparks controversy
Earlier this month, Yuga Labs successfully generated 733 BTC (equivalent to $16.5 million) from their debut Bitcoin NFT auction, the TwelveFold collection, which took place on March 6, 2023. The collection featured 288 NFTs, and the highest bids reached 7.12 BTC ($159,954), 7 BTC ($156,963.8), and 4.12 BTC ($92,384). Meanwhile, the lowest winning bid was 2.25 BTC ($50,400.4), and the average winning bid was 2.55 BTC ($112,359.6).
Out of the 300 NFTs in the Twelvefold collection, 288 were auctioned off, while 12 were reserved for contributors and future philanthropic initiatives. Yuga Labs released a leaderboard containing winning user addresses and corresponding BTC bids and plans to publish a directory to track the inscription process.
Despite the auction’s success, it was not without controversy, as some members of the crypto community, including Casey Rodamor, creator of Bitcoin Ordinals, criticized the auction method employed by Yuga Labs.
The TwelveFold NFT collection has generated significant interest in Bitcoin NFTs. However, purchasing artwork on the leading crypto network requires an open marketplace, unlike Ethereum-based NFTs. This distinction led to negative reactions from some users who took issue with the existing auction process.
New chapter for Yuga Labs
The launch of the latest HV-MTL NFT set signals a fresh chapter in Yuga Labs’ pursuits, presenting members of the Bored Ape Yacht Club with an occasion to interact with their NFTs in groundbreaking manners. As is the case with any emerging market, collectors must exercise caution to evade scams.