Ethereum Co-founder Warns About Bored Ape NFTs

Vitalik Buterin, the co-founder of Ethereum is not so impressed with expensive Bored Ape Yacht Club NFTs, which were built on Ethereum blockchain. He shared his concerts about ha massive display of wealth in an interview, like the flaunting of expensive Bored Ape NFTs, that have become inseparable from the virtual status symbols.

Celebrities such as Steph Curry, Jimmy Fallon and Paris Hilton have purchased the Bored Ape Yacht Club NFT. The floor price is around $280,000 even some trading for millions of dollars. Bored Ape Yacht Club continues to be OpenSea's best-selling NFT collection.

The total sales volume of NFTs hit $23 billion in 2021. Sales have fallen short as a crypto sell-off has crept into the NFT market. Buterin also pointed out the use of crypto even since Russia invaded Ukraine in late February.

Buterin, one of the most influential people in cryptocurrencies, co-founded Ethereum in 2015  to take advantage of blockchain technology. His creation has evolved into a $1 trillion decentralized landscape, partly driven by the NFT boom on the Ethereum blockchain.

Buterin said, “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 ultimately the goal of crypto is not to play games. It's to do things that accomplish meaningful effects in the real world.”