Thursday, September 21, 2023
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Ethereum Co-Founder Questions NFT Legacy

Vitalik Buterin, one of the co-founders of the cryptocurrency Ethereum, wonders how excessive rises in value have spawned things from bangs.

“The danger is that there are these $ 3 million monkeys, which makes it another kind of gambling,” Buterin said in a recent cover story in Time magazine. “There are definitely a lot of people just buying yachts and rambos.

Buterin refers to the popular NFT Bored Ape Yacht Club. This is an Ethereum paid NFT that acts as a blockchain ledger and payment system thanks to smart contracts.

Bored Apes has sold over $ 1.5 billion and is second only to the dot-matrix people’s art called Crytopunks ($ 2.1 billion).

The average boring monkey in March so far sold for $ 234,375. Cryptopunk? $ 210,538. Some of them have to do with the usefulness of apes. Apes are granted intellectual property rights when they are owned.

The owners of the Bored Ape Yacht Club recently acquired Larva Labs, a producer of 10,000 punks, after concluding that those rights are the most value-added to their customers.

He knows he has no control over how the decentralized products he creates are used, but Buterin, a descendant of both Russia and Ukraine, was for good, not greed. I hope that.

“The silver lining of the situation over the past three weeks has given many people in the crypto space that the ultimate goal of crypto is not to play games with millions of dollars of monkey pictures, but to achieve them. It reminded me that it is a meaningful effect in the real world. “

Opensea, the leading NFT marketplace, sold $ 4.95 billion worth of NFTs on Ethereum in January alone.

“If we don’t speak out, only the ones that make a profit right away … and they are often far from the best in the world.”

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