Vitalik Buterin has some concerns about the future of cryptocurrency.
He is not a fan of the Bored Ape Yacht Club NFT collection, which was built on the Ethereum blockchain that he cofounded.
Celebrities like Steph Curry, Jimmy Fallon, and Paris Hilton bought Bored Ape Yacht Club NFTs.
According to data site DappRadar, the Bored Ape Yacht Club collection traded $1.41 billion in total volume. The BAYC is one of the largest collections living in Ethereum.
“The peril is you have these $3 million monkeys and it becomes a different kind of gambling,” Buterin told TIME magazine.
The price of the Bored Ape Yacht Club begins at $280,000, and trades for millions of dollars. The BAYC is the most popular NFT collection on the market.
Buterin, 28, created Ethereum in 2015. He is one of the youngest billionaires of our time and wants Ethereum to become “the launchpad for all sorts of sociopolitical experimentation: fairer voting systems, urban planning, universal basic income, public-works projects.”
Vitalik Buterin believes cryptocurrencies are not just a trading item to buy monkeys. He knows that cryptos exist to accomplish meaningful things.
He referred to the millions of dollars in cryptocurrency donated to Ukraine during the Russian invasion.
“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 with million-dollar pictures of monkeys, it’s to do things that accomplish meaningful effects in the real world.”
Last year, the total sales volume for NFTs hit $23 billion. Ethereum is the blockchain used in NFT. Ethereum became become a trillion-dollar decentralized landscape.
In 2022, Buterin hopes to be “more risk-taking and less neutral.”
“I would rather Ethereum offend some people than turn into something that stands for nothing,” he said to TIME magazine.