Ethereum founder criticizes “BAYC” stating: This is not what Ethereum was built for

Ethereum founder criticizes “BAYC” stating: This is not what Ethereum was built for

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Answer Ethereum founder criticizes “BAYC” stating: This is not what Ethereum was built for

Vitalik Buterin, the co-founder of Ethereum, is known to some extent for his strong opinions on both crypto and cryptocurrency matters.

Recently, Buterin appeared in an interview with TIME magazine, which was about the world of crypto and what is related to it, to address the momentum around the non-fungible tokens “BAYC”.

Vitalik Buterin criticizes BAYC:

People who have been following the crypto space for more than a few months are surely aware that non-fungible tokens (NFTs) are currently everywhere.

More specifically, one NFT project that has dominated the headlines is the Bored Ape Yacht Club which stands for BAYC.

Read:One of the developers of NEO Network explains about the improvements that the dbft-2-0 update brings

“Buterin” touched on “BAYC” and commented about it by saying:

The risk is that you have millions of dollars attached to fees for monkeys, this is a form of gambling.

TIME noted that he was talking about “BAYC”.

At the moment Bored Ape Yacht Club is still the most popular group on all scales, whether it comes to size, total market value, lowest price and popularity.

The hype surrounding BAYC rose further last week when Yoga Labs, the company behind the group, launched the much-anticipated APE coin.

“APE” is the cryptocurrency that underpins the entire BAYC ecosystem, and it made headlines because it was distributed for free to BAYC-linked NFT holders who received hundreds of thousands of dollars just for holding NFT boring monkeys.

Buterin also spoke about the situation between Russia and Ukraine, as he did several times in the past month.

He even became one of Ukraine’s most vocal supporters, declaring that he would not maintain neutrality in such a conflict.

Speaking to TIME, he said:

I remind a lot of people in the crypto space that the ultimate goal of cryptocurrencies is not to play multi-million dollar monkey games, but to do meaningful things.

Read:Bitcoin consumes as much electricity as Switzerland and the impact on the climate is still small

and effects in the real world.

When thinking about the things he would like to change about himself in the future, he said he hoped to be more risk-taking and less neutral.

He also stated:

I’d rather some people abuse Ethereum than turn the network into something that doesn’t represent or carry any value.

Read also:

Malaysian Ministry of Communications Proposes Adoption of Cryptocurrencies as Legal Tender

The founder of Ethereum proposes a new improvement “EIP-4844”…Details here

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