The Evolved Apes project, initially presented as a game-oriented NFT, allowed buyers to acquire one of the 10,000 available ape NFT tokens and engage in survival challenges within a lawless virtual environment. NFTs, currently experiencing heightened popularity, are digital assets representing various items like art, music, in-game assets, and videos, purchasable using cryptocurrencies.
However, the project took an unexpected turn when Evil Ape, the entity overseeing the project, reportedly absconded with the wallet containing all the Ethereum funds intended for various purposes, including compensating the artist, funding cash giveaways, marketing efforts, rarity tools, game development, and more, according to a report by Vice.com.
Issues began to surface shortly after the project’s launch on September 24, as investors observed anomalies. Participants in a marketing-focused social media competition did not receive their promised NFT prizes, and the artist responsible for creating the ape NFTs had allegedly not been compensated.
In an attempt to unravel the situation, investors held a conference call, only to realize later that they had fallen victim to a scam. An investor known as Mike_Cryptobull, appointed by others to lead the investigation, expressed intentions to form a community known as the “Fight Back Apes” to track down the alleged fraudster Evil Ape.
Despite the controversy, the Evolved Apes project remains verified on the OpenSea platform. Since October 1, more than 574 ape NFTs have been sold from the project, totaling 13.9 Ether, equivalent to $48,887.
The popularity of game-oriented NFTs has been growing in the crypto space, exemplified by a recent Series B funding round led by American venture capital firm Andreessen Horowitz for the Vietnamese gaming studio Sky Mavis, creator of the popular NFT game “Axie Infinity.” The third quarter of 2021 saw a surge in NFT sales volume to $10.7 billion, marking an over eightfold increase from the previous quarter, according to data from market tracker DappRadar, as the enthusiasm for crypto assets reached new heights.
