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The Bored Ape Yacht Club (BAYC), a collection of 10,000 monkey avatars that individually act as tickets to an online social club, has become one of the most prominent brands in the NFT space. And now NFTs have generated more than $ 1 billion in total sales.
You’ve probably seen a bored monkey before – like the botched restoration of the Jesus Christ fresco, they’re somewhat… unforgettable to watch. They’re also in high demand: Eminem bought one for ~ $ 462,000 on Dec.31, joining the ranks of other famous buyers like Jimmy Fallon and Steph Curry.
But if you are as bored of looking at monkeys as you are of existing, you are not alone. Critics have called the BAYC project cynical, accusing it of emphasizing wealth more than art. The current minimum cost for a BAYC NFT is around 70 ethers, or around $ 266,000.
And then there is the criminal aspect: The NFT space has been ridiculed for its security concerns, and the BAYC has had a few notable recent flights. A collector was the victim of a phishing scam and lost their collection, including many NFT BAYCs, valued at $ 2.28 million. In a now iconic tweet, he wrote: “I’ve been hacked. All my monkeys are gone.
OpenSea, the largest NFT marketplace, has reportedly “frozen” stolen NFTs, raising even more questions from the crypto community about how a decentralized platform can freeze assets in the first place.MK
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