The non-fungible token has increased in interest and value over the past year, with Bored Ape Yacht Club One of the most popular and valuable collections.
what is one here Ethereum (CRYPTO:ETH) co-founders had this to say about Bored Ape Yacht Club.
What happened: The rise of NFTs has led to an increase in the price and use cases of Ethereum.
co-founder of ethereum Vitalik Buterin was interviewed by Time In a cover story, he was dubbed the “Prince of Crypto”.
In the interview, Buterin said that there are growing threats with cryptocurrencies, including overzealous investors and rising transaction fees.
“Crypto has a lot of dystopian potential if implemented incorrectly,” Buterin said.
The Ethereum co-founder took a candid shot at Bored Ape Yacht Club, an NFT collection that was minted on the Ethereum blockchain in April 2021.
“The danger is you have these $3 million monkeys, and it becomes a different kind of gamble.”
Buterin said that many people are buying yachts and lambos, but he expects crypto to be used for fair voting systems, urban planning and universal basic income in the future.
“If we don’t use our voices, only things that are immediately profitable are created.”
Buterin, who has openly supported Ukraine during the invasion of the country by neighboring Russia, highlighted the amount raised for the country through crypto, while once again mentioning bored apes.
“A silver lining of the situation over the past three weeks is that a lot of people in the crypto space have been reminded that ultimately the goal of crypto is not to play games with million-dollar pictures of monkeys, it is to do things that make a meaningful impact in the real world,” Buterin said in an email to TIME on March 14, 2022.
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Why this is important: Bored Ape Yacht Club is one of the most popular NFT collectibles and over the past year has rewarded its holders with additional airdrops and recently launched tokens. apcoin (crypto: APE), which BAYC holders were able to claim.
Buterin’s comments may upset some in the crypto community, as it took a shot at a popular NFT collection. Ethereum has had a lot of success over the past year due to the rise of NFTs.
The most expensive Rugged App transaction on OpenSea was 768 ETH, or approximately $2.25 million based on the current price of Ethereum.
Rare gold fur bored ape sold for $3.5 million Sotheby’s and over $2.8 million on the LuxRay NFT Marketplace.
Bored Apes has a minimum price of 102 ETH or approximately $298,545 at the time of writing. The $3 million label on monkey pictures may be a bit off, as most of the bored app NFTs have traded below this level.
Bored app owners of NFTs and NFT investors and outdoor viewing enthusiasts have observed that having NFTs from collections has been highly rewarding and would probably not be considered gambling at this point.
Price Action: At the time of writing, Ethereum is trading at $2,847.23.
Photo: Courtesy of TechCrunch on Flickr