Ethereum Was Not Created for Bored Apes, According to Vitalik Buterin

The Russian-Canadian developer is the driving force and brains of Ethereum, having co-founded the project and being actively committed to this day.

Buterin voiced worry in a recent interview with Time (the magazine on whose cover he featured) about the enthusiasm that has dominated the NFT market, and hence the whole crypto ecosystem. “The concern is that you end up with these $3 million monkeys, which creates a new kind of wager.”

Despite the developer’s omission of the word BAYC, he was obviously referring to the works in the collection, which is now the most valuable in this area. Using the Russian-Ukrainian war as an example, he discussed how the crypto industry might provide more value to its consumers.

Vitalik Buterin: The crypto world’s true influence

Buterin has been a vocal opponent of Russia’s incursion into Ukrainian land. He used his Twitter account multiple times to show his support for the indigenous people, pleading with his native country’s leader, Vladimir Putin, to choose peace and halt his military onslaught.

Buterin detailed how the Ukrainian government has benefited from crypto assets in its defence. This, he believes, is a far more beneficial use of blockchain and cryptocurrencies than just purchasing ape tokens.

“One good part of the scenario over the last three weeks is that it has reminded many individuals in the cryptocurrency market that the ultimate goal of cryptocurrencies is not to toy with million-dollar images of monkeys, but to perform significant things in the real world.”

Since the invasion began, the Ukrainian government has received millions of dollars in cryptocurrency contributions. Additionally, the country has enlisted the assistance of Decentralized Autonomous Organizations (DAOs) and initiated its own NFTs in order to fund the army.

Additionally, the Ethereum co-founder expressed a desire to get more active in social concerns, even if this results in controversy and even condemnation of his project. “I’d prefer Ethereum annoy some people than devolve into something meaningless.”

The population of bored apes continues to grow

Despite its failure to win over Ethereum co-founder Vitalik Buterin, Bored Apes continues to grow in popularity. This is because the firm in charge of the collection, Yuga Labs, released ApeCoin (APE) last week, a cryptocurrency that is local to BAYC.

Since Thursday, March 17th, the asset has increased by 85 percent. Yuga Labs has also bought the rights to two other significant NFT collections and announced intentions to extend the Bored Apes ecosystem to include games and the metaverse.

Following these events, the market price of new Bored Apes has increased, with the world’s biggest record company, Universal Music, paying over $360,000 to buy one of the collection’s compositions.

Also Read: Honduras Indicates An Intention To Legalising Bitcoin