NFT: The creation of the Bored Apes stops here, according to Yuga Labs

NFTs are digital assets with great potential that have appealed to many investors since their inception. Among the many collections launched on the markets, some stand out and hold their own, in particular Bored Ape. To stay number one, you have to create the lack and Yuga Labs understood this.

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 not ceased to be talked about. Also known as the NFT Billionaires Collection, Bored Ape ranks as one of the best. What makes its notoriety? Each investor can only answer based on their experience.

Meanwhile, more and more people are snapping them up despite the rather high price. But, it’s only normal when you see the circle of stars that revolves around the collection. Between Paris Hilton, Madonna and Gwyneth Paltrow, the Bored Apes are well on their way to conquering the NFT markets.

But as the collection progressed relatively well, many people talked about the possibility of minting 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 mint 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. However, not everyone is convinced.

Everyone would love to own one of the tokens from the current flagship collection: Bored Ape Yacht Club. While the price of these NFTs is well above the means of some investors, hacking becomes 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 collection’s official Discord server. In such cases, Bored Ape holders find themselves at the heart of the problem. Indeed, more than $357,000 was stolen from users in ETH.

However, this is only one case among many others. Last May, a filmmaker was stripped of part of his crypto wallet. Among the stolen assets was a Bored Ape priced at approximately $100,000. This phishing attack has once again sounded 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, removing this code reduces potential hacking risks. Moreover, such a decision also prevents a proliferation of new monkeys on the market. Even though they gave a link to the transaction where the code was hacked, some developers believe that it still exists and was never deleted.

NFTs are speculative and subjective assets. However, they continue to grow. Bored Ape, although supported by many personalities, is not free from all flaws. As the NFT collection faced a lot of hacks, Yuga Labs believes that revoking the code that allowed infinite token minting is the best course of action. Although this decision relieves some investors, other developers remain skeptical.

Source : Coinmarketcal

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

User Image

Eddy Senga

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

We would like to say thanks to the writer of this article for this amazing material

NFT: The creation of the Bored Apes stops here, according to Yuga Labs

You can view our social media profiles here as well as additional related pages here.