A new cryptocurrency has hit the markets -- the ApeCoin -- referring to the Bored Ape Yacht Club series of particularly popular and pricey NFTs. The new currency will provide financial benefits to holders of these non-fungible tokens, but it is not without its critics.
It seems that members of the Bored Ape Yacht Club (BAYC) are one step ahead of the NFT ecosystem. The latest twist brings the creation of a currency to reward owners of "Bored Ape" or "Mutant Ape" NFTs, two highly popular collections. When the currency was created, the owners of these collections were able to claim thousands of APE tokens that can now be exchanged like any other cryptocurrency. They will also be fully usable at community events.
But apart from being able to resell these tokens and get some money back, what's the point of this digital currency? Behind the project, Yuga Labs, the parent company of the initiative, has created a DAO (or Decentralized Autonomous Organization)to allow investors to participate and elect the decision makers for a one-year period. For now, the board has five members, including the co-founder of Reddit, Alexis Ohanian. This initial board will serve for six months before the first elections are held.
But all these initiatives are starting to cause frustration in some parts of the NFT ecosystem. Partly because the advantages open to owners of these non-fungible tokens merely increase their wealth. BAYC members are already enjoying exclusive sales, premium events, a "serum" that instantly allowed them to create another NFT (the "Mutant" version) and reap the rewards of this added value. Meanwhile, the announcement of the launch of a metaverse, probably in the form of a game, is also ruffling feathers, essentially seen as another way to continue to boost the price of these digital images.
The noise around NFTs
Non-fungible tokens are actually in a kind of deadlock situation. Previously difficult to understand and get on board with for the majority of the population, a form of disinterest or at least rejection of this technology has gradually set in among certain followers. Having become a buzzword, across all languages, the term has gradually lost the kind of positive impact it once brought to the music and art industries. Forbes magazine recently reported that Google searches for metaverses and NFTs were in free fall. By dint of making so much noise, the message seems to have lost its impact.
In reality, nothing seems to hinder the popularity of non-fungible tokens for the time being, and there is no doubt that their uses and applications should increase in the next months or years. However, a deep divide seems to be opening up between the most prominent players in the market and those who prefer to remain wary of the hype.
