Ethereum co-founder Vitalik Buterin calls BAYC NFTs new form of ‘gambling’

    Who is Vitalik Buterin

    Vitalik Buterin is a Russian-Canadian programmer and writer who has been active in the Bitcoin ecosystem since 2011, co-founding Bitcoin magazine and contributing articles to it. He’s most known for creating Ethereum, a blockchain platform that acts as a global computer for decentralized applications, or DApps.

    In 2013, Buterin spent six months traveling around the world to meet with Bitcoin (BTC) developers. He realized that by iterating on the Bitcoin blockchain, he could create a new, maybe greater version. To demonstrate his point, he compared Bitcoin to a calculator and a future blockchain to a smartphone, using the same premise of enhancing the system’s strength by making it more general-purpose to blockchain networks. The original cryptocurrency was Bitcoin, and Ether (ETH) is digital money based on the Ethereum blockchain network.

    Buterin was a co-founder of Ethereum, a blockchain that allows users to design apps and programs using the power of cryptocurrencies like Ether. The Ethereum platform does this using smart contracts, which are essentially scripts that can be saved and operated on the Ethereum network.

    The news!

    The non-fungible-tokens (NFTs) of the Bored Ape Yacht Club (BAYC) have become a symbol of wealth and rank, according to Ethereum co-founder Vitalik Buterin. Buterin dubbed the ape avatar collection “a different type of ‘gambling” in an interview with Time magazine.

    “The danger is that you have these $3 million monkeys and it turns into a different form of gambling,” he added, according to Time magazine, referring to BAYC.

    BAYC is a popular collection of 10,000 unique NFT apes made by Yuga Labs for the uninitiated. Celebrities have flocked to the NFT bandwagon, generating more than $1 billion in total sales. Celebrities such as basketball legend Steph Curry, musician Post Malone, and even American TV host Jimmy Fallon possess BAYC NFTs. Eminem, the rap musician, was the most recent to join the NFT frenzy, with his first BAYC buy costing 123.45 Ether valued at $452,000. (Rs 3.36 crore approx.).

    Worries of Buterin

    Buterin is concerned about the risks of bitcoin, which has been used for tax evasion, money laundering, and several scams. According to Time magazine, the Ethereum co-founder noted, “Crypto itself has a lot of dystopian potentials if handled incorrectly.”

    The 28-year-old founder also discussed the Russia-Ukraine conflict and how bitcoin has evolved into a “weapon of Ukrainian resistance.” To aid Ukraine, at least $100 million in cryptocurrencies has been raised. The Ukrainian government has requested financial assistance in cryptocurrencies such as Bitcoin, Ethereum, Tether, and Polkadot, as well as Dogecoin, TRON, Solana, and NFTs.

    Buterin told the publication. “One silver lining of the situation in the last three weeks is that it has reminded a lot of people in the crypto space that the goal of crypto is to do things that accomplish meaningful effects in the real world, not to play games with million-dollar pictures of monkeys,” Buterin told the publication.

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