What’s wrong with the Bored Apes Yacht Club?
Recently what Vitalik said in Time’s article about NFT, actually the Bored Ape Yacht Club, has caused a huge bang in the crypto world.
The man on the cover of time’s magazine said something aimed at Bored Ape Yacht Club “The peril is you have these $3 million monkeys, and it becomes a different kind of gambling.” Then later he added: “Ultimately, the goal of crypto is not to play games with million-dollar pictures of monkeys, it’s to do things that accomplish meaningful effects in the real world.”
Yeah, a lot of people have the same idea as Vitalik, or are wondering about can NFT projects really make our world a better place?
All of this was caused by NFT projects like Bored Ape Yacht Club that have attracted the attention of the whole world.
In January, the NFT trading platform OpenSea hit a record $5 billion in monthly sales, and 2021 has been seen as the year of NFT and so does 2022.
The NFT market soared to $25 billion in trading volume in 2021 alone, with the Bored Ape Yacht Club emerging as a top project following its April launch.
With the launch of ApeCoin, the Ethereum token built for the expanding Bored Ape Yacht Club NFT ecosystem, has rapidly rose in value before shedding much of its initial momentum, with sales and price points of the popular Bored Ape Yacht Club NFT collection also both jumped significantly following the launch of ApeCoin.
All sounds good right? popular NFT projects built with Ethereum and the founder of Ethereum should be super excited to see these kinds of projects arise from the decentralised platform, let alone the surging price of ether turbocharged by NFT projects.
Yes, it caused problems too, like the huge volume of NFT items transactions has overwhelmed the network, leading to a steep rise in gas fees. Sometimes, bidders have to pay huge amounts of congestion fees in order to secure the NFT items based on the Ethereum network.
But Vitalik has a huge idea about blockchain technology, start not just using it purely for currency as a waste.
In his own view, the blockchain could serve as an efficient method for securing all sorts of assets:
web applications, organisations, financial derivatives, nonpredatory loan programs, even wills. Directly created or programmed through EVM or smart contract to power these methods without the need of intermediaries, like what we used a lot in the web2 world like Amazon or Uber.
He viewed NFTs can represent much more of who you are and not just what you can afford.
Maybe, we can consider it as the identity to the upcoming web3 world or some DAOs, in which a group of people share the same values and wanna achieve the same goal whatever it is.
But the beef will always be here, no matter it’s BAYC or the other projects, NFT will be questioned as a physical work of art or what critics think just taking a screenshot with high resolution is enough rather than simply buying lines of code which is so expensive.