Monday, October 3, 2022
HomeETHEthereum founder shows concern over cost of BAYC, says crypto is made...

Ethereum founder shows concern over cost of BAYC, says crypto is made to resolve real life problem

Vitalik Buterin, the founder of Ethereum, is well-known for his strong views on cryptocurrencies and other topics. He was recently featured in a Time Magazine which caused quite a stir in the crypto world. Founder of Ethereum, Buterin is concerned about the cost of the BAYC NFTs.

Ethereum founder concern over cost of BAYC

NFTs are in vogue right now. The Bored Ape Yacht Club (BAYC), in particular, has been unable to escape the spotlight. Founder of Ethereum, Buterin is concerned about the cost of the Bored Ape NFTs. By every measure i.e. volume, overall market capitalization, floor price, and popularity, BAYC continues to be a popular collection.

The danger is that with these $3 million monkeys, it becomes a different form of gambling. – TIME Magazine observed that Buterin was referring to BAYC.

Last week, the long-awaited APE coin was released by Yuga Labs, the firm behind BAYC. This is the crypto that powers the whole BAYC ecosystem, and it made news when it was airdropped to owners of BAYC-related NFTs, who got significant amounts of money simply for holding the Bored Apes.

Vitalik Buterin, founder of Ethereum remarked in an interview with TIME

One bright spot of the situation during the previous three weeks is that it has reminded many in the crypto community that the objective of cryptocurrency is not to keep playing with million-dollar photographs of monkeys but to do things that have real-world consequences. I’d prefer Ethereum to anger a few people than devolve into a meaningless symbol.

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