Ask HN: What do you think about the future of Bored Ape?

9 points by Parker_Powell 4 years ago | 2 comments

On Saturday, Yuga Labs and the Bored Ape Yacht Club had a metaverse land sale. They sold $300M+ worth of land during their drop.

The craziest part was 55.6k ETH (~$150M) of ETH was burned because of transaction fees. At its peak, ETH gas costs hit 2ETH ($6,000), which is what the french call le ridiculous. Every single time a transaction happens on the Ethereum network there is a fee, some of it gets “burned” and taken out of the total supply of ETH. On a normal day, we burn ~$30M of supply. But for this drop, 5x that got burned.

They are trying to quadruple dip: Dip 1: Sell an NFT (Bored Apes) Dip 2: Create a coin (Apecoin) Dip 3: Sell virtual land for a metaverse that doesn’t exist yet Dip 4: Okay, you’ve run out of tokens to launch. So now launch your own blockchain

They have raised the stakes. Now, this can only go 2 ways: This becomes a generational company…they end up creating some mix between Pokemon and Fortnite Or (more likely) the whole Bored Apes craze comes crashing down in a few years and we look back at this moment as the peak of NFT project greed

colesantiago 4 years ago |

NFTs are a complete fad and a scam just like those beenie babies. It will completely come crashing down since blockchains like Ethereum doesn't work at all.

throwuxiytayq 4 years ago |

I think the NFT platforms will continue evolving in order to sustainably serve the rapidly growing user base. Investments will be made into the backing infrastructure to improve scalability, which means more and more people will be able to participate.

In my opinion the end game is something like an FTP server that hosts all of the awesome PNGs, fronted by Cloudflare or something, plus a MongoDB instance to hold ownership data. That will let us surpass these throughout limitations that we're currently facing.