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Ethereum Co-Founder Calls Bored Ape Yacht Club Like Gambling

Vitalik Buterin, co-founder of blockchain network Ethereum, has criticized the Bored Ape Yacht Club (BAYC) NFT collection. He added that new cryptocurrency investors may suffer from this. Buterin attributed the risks associated with cryptocurrencies to investors’ lack of restraint, rising transaction fees and misinformation about crypto. 

Buterin graced the cover of the decades-popular Time magazine this month, with the magazine calling him the “Prince of Crypto”. interview given to magazineButerin told in this that he does not like BAYC NFT and its related projects. “The danger is you have these monkeys and it becomes a different kind of gambling,” he said of BAYC. BAYC has a collection of around 10,000 NFTs and rich people have bought a lot in it. These include Justin Bieber, Paris Hilton, Jimmy Fallon, Eminem, Mark Cuban and Tesla CEO Elon Musk. 

Buterin has some plans for using the Ethereum network. These include creating a fair voting system and urban planning. Buterin also referred to the millions of dollars in donations received through cryptocurrency to Ukraine after the Russian attack. He said that there has been a positive move in the last three weeks and it has led many in the crypto segment to realize that the goal of crypto is not to play games with expensive pricey monkey pictures, but to do things that have a real world effect. There is a big impact. 

BAYC launches ApeCoin this month and since then its popularity has been increasing. This token can be claimed free of charge by NFT holders of Bored Ape and Mutant Ape Yacht Club. It will initially be used as an in-game token for Yuga Labs titles, and later its sales will be used to fund various digital and physical projects. Yuga Labs has reported that 62 percent of the total supply of APE will be allocated to the community. Each token will get one vote, allowing its holders to give their opinion on upcoming ventures. 

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