Coinomi
Image default
NFT

Gone is the infinite creation of Bored Apes according to Yuga Labs

NFTs are digital assets with high potential that have attracted many investors since their creation. Among the many collections launched on the markets, some stand out and stand out, including Bored Ape. To remain number one, you have to create the lack and Yuga Labs has understood it.

Bored Ape

There will no longer be an infinite number of Bored Ape (BAYC)

Bored Ape Yacht Club (BAYC) is an NFT collection that arouses curiosity. Since its creation, the collection has been constantly being talked about. Also called the NFT collection of billionaires, Bored Ape ranks as one of the best. What makes it famous? Each investor can only answer based on his experience.

Meanwhile, more and more people are snatching them despite a rather high price. But, this is only normal when you see the circle of stars who gravitate around the collection. Between Paris Hilton, Madonna and Gwyneth Paltrow, the Bored Apes are well on their way to conquer the NFT markets.

But while the collection was developing relatively well, many people talked about the possibility of hitting an infinite number of tokens. The phenomenon begins in June 2021 with the release of Dan Kelly, CEO of NonFungibles. For him, Yuga Labs could hit as many Bored Apes as he wanted thanks to the Ethereum blockchain code.

However, a year later, the company behind the NFT collection removed this code. According to her, this decision is the best, both for the collection and for the holders of the non-fungible tokens. Nevertheless, not everyone is convinced of this.

Everyone would like to own one of the tokens from the flagship collection of the moment: Bored Ape Yacht Club. While the price of these NFTs is far above the means of some investors, hacking is becoming the easiest way to get them. Like all digital assets, Bored Ape is not immune to the danger posed by hackers.

What is the purpose behind this revocation?

The collection has already been the victim of piracy. More than once, ill-intentioned people have stormed the official Discord server of the collection. In this kind of case, the holders of Bored Ape find themselves at the heart of the problem. Indeed, more than $357,000 has been stolen from ETH users.

However, this is just one of many cases. Last May, a filmmaker was stripped of part of his crypto wallet. Among the stolen assets, a Bored Ape with a price tag of about $ 100,000. This phishing attack has once again raised the alarm.

Following all these inconveniences, the revocation of this code could finally calm the holders of the tokens of the NFT collection. For Emperor TomatoKetchup and Gargamel, the founders of the collection, the removal of this code reduces the potential hacking risks. In addition, such a decision also prevents a proliferation of new monkeys on the market. Even if they gave a link to the transaction where the code was hacked, some developers believe that the latter still exists and that it has never been deleted.

NFTs are speculative and subjective assets. However, they are constantly gaining momentum. Bored Ape, although supported by many personalities, is not free from all flaws. While the NFT collection was facing many hacks, Yuga Labs believes that revoking the code that allowed tokens to be minted endlessly is the best solution to adopt. Even if this decision relieves some investors, other developers remain skeptical.

Source : Coinmarketcal

Receive a digest of the news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss anything essential Cointribune!

Eddy Senga avatar
Eddy Senga

The world is changing and adaptation is the best weapon to survive in this undulating universe. Crypto community manager at the core, I am interested in everything related directly or indirectly to the blockchain and its derivatives. In order to share my experience and make known a field that I am passionate about, there is nothing better than writing informative and casual articles at the same time.

Related posts

Top 5 NFT podcasts

Reginald Easterling

Can NFT Art Blocks on Ethereum (ETH) withstand the decline

Reginald Easterling

NFT Bored Ape Yacht Club (BAYC): The Game Over?

Reginald Easterling