BAYC

HKBFG

and you need the rest of society to give it that meaning. and you need that meaning to be associated with it in law. none of this has happened with NFTs yet. BAYC uses existing ownership structures to transfer rights to the image, but they could literally just stop doing that with no legal consequences. an NFT is just a token with a URL in it.

johnnyb0083

APE, thought it might rocket like all the BAYC stuff.

CointestMod

#Apecoin Con-Arguments Below is a Apecoin con-argument written by Nostalg33k. > # ApeCoin: A bad timing, a bad distribution, for a BadCoin > > ​ > > Apecoin is a coin created by YugaLabs, the BoredApeYachtClub people. In the following lines I'll explain how ApeCoin fails in three accounts. The first point of failure is temporal. The second point of failure is the distribution. And lastly the final point of failure is the use. In order to shield themselves from responsibility, YugaLabs shielded themselves with ApeCoin DAO which is an hypocritical move as we'll soon see. > > ​ > > 1) Let's launch during the big NFT Bubble. > > ApeCoin is a project built on the backbone of the hype of BAYC Nfts. Now I don't need to be a wizard nor a tech savvy to tell you that, launching Apecoin right when the hype bubble of NFT has burst and right when NFTs have become the laughing stock of normies was not the best move. That wouldn't be so bad if ApeCoin was distributed in a sane manner. > > 2) ApeCoin's distribution: Who will rugpull first ? > > 23% of the supply was given to Yugalab and 47% was given to the DAO as liquidity. If we take out the liquidity supply of the DAO out of the equation, YugaLabs have close to 50% of the voting power of the DAO. > > 14% was given to Venture Capitalists. So that's 85% of the supply locked away. As supporters of projects and speculators, you are playing with the 15% and just allow some strangers net worth to fluctuate wildly. > > 3) What is the point? > > ApeCoin has no point. Except a few bad games, and the promise of a metaverse, ApeCoin is useless. This fact makes it a venture not worth your time. > > ​ > > Conclusion: This coin is useless, exist only to create speculation and to trade but fails to be a good opportunity. Stay far from it. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Apecoin) to find submissions for other topics.

CointestMod

#Apecoin Pro-Arguments Below is a Apecoin pro-argument written by cryotosensei. > > Background > > ApeCoin ($APE) was an ERC-20 governance token that was launched on March 17, 2022. It is a social token associated with twoof the biggest NFT players, Bored Ape Yacht Club (BAYC) and Mutant Apes Yacht Club (MAYC). They will be used to engage these two communities and maintain dominance of the whole ecosystem. > > 1. Interestingly, $APE is not controlled by BAYC’s creator, YUGA Labs. Instead, it is operated by the ApeCoin Dao, a decentralised autonomous organization. This means that every $APE holder gets a say in deciding governance rules. Already, they have exercised their right. When YUGA Labs proposed for $APE to have its own blockchain, Layer-2/subnet, or other sidechain solution, an overwhelming majority (99.91%) of 196K ApeCoin holders voted in favour of Proposition 41 as they would rather ApeCoin remain in the Ethereum ecosystem instead of migrating to other chains. This enhances $APE holders’ sense of autonomy as they get to determine the future of their token. > 2. Besides being empowered with voting rights, $APE holders will find like they are in an exclusive club as they will get to access member perks and benefits, including access to rare merchandise, and invitations to face-to-face events. > 3. $APE offers utility as a form of currency. Firstly, this is because of the Otherside metaverse that was launched by Yuga Labs. Since $APE is employed as the standard currency in Otherside (e.g. minting of Otherside NFTs), its value soared, thus helping it to become the largest metaverse token by market capitalisation at one point in time. Plus, players of the Animoca Brands blockchain game, Benji Bananas, could use ApeCoin as an in-game currency to advance to higher levels. This applies to players of a play to earn game from nWay Play too. > > > References > https://chaindebrief.com/everything-you-need-to-know-apecoin/ > > https://decrypt.co/98829/apecoin-becomes-largest-metaverse-token-surpassing-mana-sand-axs > > https://cryptobriefing.com/apecoin-at-all-time-highs-ahead-of-otherside-nft-drop/ > > https://bit.ly/3LlxoMC > > https://www.gemini.com/cryptopedia/apecoin-ape-crypto-bayc-ape-token-crypto-yuga-labs-ape-board#section-use-cases-of-ape-coin ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Apecoin) to find submissions for other topics.

CointestMod

#NFT Con-Arguments Below is a NFT con-argument written by Maleficent_Plankton. > ####**Anti-NFT backlash** > > By now, we need accept that most communities, especially the technology and gaming communities, absolutely hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs. > > There are literally subs banning users for having a reddit avatar NFT (like the 196 subreddit) even though they were given away freely. Gaming companies like [Ubisoft were absolutely vilified](https://arstechnica.com/gaming/2022/04/ubisofts-first-nft-experiment-was-a-dumpster-fire/) when they mentioned exploring NFTs in future games. [EA had to backtrack](https://www.protocol.com/bulletins/ea-ceo-nfts-blockchain-backtrack) after their own high-profile backlash. Gamers in particular hate Pay-to-Win and Pay-to-Earn systems, which are commonly used in the design scheme for NFT-based games. > > **It's risky for companies to endorse NFTs when their customers are going out of the way to avoid them.** NFTs will likely remain a very niche product for the near future. > > ####**Does not provide direct ownership** > > NFTs are records of transactions and don't provide direct ownership. They can hold metadata, which are often just glorified links and pointers to other sources. For example, an NFT could point to the URI of an image. **But there's nothing preventing others from creating new NFTs that point to the same image. Owning the NFT does not mean you own the referenced image.** It's up to the people, communities, and front-end services involved with the NFT to recognize that the NFT represents ownership of the object it links to. > > Similarly, NFTs that point to real objects like property also have to work within the confines of the regulatory system. If the regulatory system does recognize the the NFT, then trading that NFT doesn't transfer actual property rights. In that situation, the NFT becomes an unnecessary extra step. > > There are many [stolen artwork](https://www.theverge.com/2022/5/17/23077174/deviantart-protect-nft-crypto-stolen-art-blockchain-detection) that get created as NFTs. Many projects like Bored Apes have near-identical copycats of each other. For example, the official collection of MetaWaifus is on Solana, but there are 4 other (likely stolen) collections on Polygon's PoS network sold through Opensea that are duplicates of the original. Centralized marketplaces have to spend effort blocking stolen work, and it's a complicated game of whack-a-mole. > > ####**Uses centralized front-end services** > > NFTs require front-end services to provide an interface for customers. For example, games could easily cost 10s to 100s of millions of dollars and take many years to develop. **If the centralized front-end platform goes down or chooses to no longer recognize the NFTs, it could be cost-prohibitive and time-prohibitive for the community to rebuild it.** If that happens, the NFT will become worthless. Intellectual Property rights could also prevent the objects represented by the NFTs to be re-established without considerably changing how they look or work. > > ####**Reliant on blockchains** > > NFTs are stored on blockchains, so they carry all the risks and downsides to using them. **NFTs are at risk of theft, hacks, bugs, and user errors.** If you lose access to an NFT, there is no undo button or recovery system--it's permanently lost. Users will need to become familiar with a complex system of wallets, gas tokens, safety, and will shoulder the risk of owning NFTs. > > **Networks also can have high transaction and smart contract fees** for minting and transferring the NFTs. For example, BAYC NFT's Otherside sale brought in $253M of revenue, but cost $181M in Ethereum gas fees [[Source](https://qz.com/2161193/bored-ape-yacht-clubs-nfts-cost-181-million-in-gas-fees/)]. Even on the very-cheap Polygon PoS network, it cost 0.1-0.2 cents to mint a reddit NFT. They're cheap individually, but if you need to mint and transfer millions of these for the 400M+ monthly active redditors, the costs quickly add up. > > **Most blockchains are very storage-limited**, so the objects that the NFTs represent are often stored off-chain either on centralized databases or on IPFS, leading to the additional risk of dead links. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.

muttadile1

BAYC.. how did something as big as BAYC with tons of marketing and endorsement with huge celebrities paying million for the monkey nft lose 95% of its value this quickly? ​ they even got a coin $APE

CointestMod

#NFT Con-Arguments Below is a NFT con-argument written by Maleficent_Plankton. > ####**Anti-NFT backlash** > > By now, we need accept that most communities, especially the technology and gaming communities, absolutely hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs. > > There are literally subs banning users for having a reddit avatar NFT (like the 196 subreddit) even though they were given away freely. Gaming companies like [Ubisoft were absolutely vilified](https://arstechnica.com/gaming/2022/04/ubisofts-first-nft-experiment-was-a-dumpster-fire/) when they mentioned exploring NFTs in future games. [EA had to backtrack](https://www.protocol.com/bulletins/ea-ceo-nfts-blockchain-backtrack) after their own high-profile backlash. Gamers in particular hate Pay-to-Win and Pay-to-Earn systems, which are commonly used in the design scheme for NFT-based games. > > **It's risky for companies to endorse NFTs when their customers are going out of the way to avoid them.** NFTs will likely remain a very niche product for the near future. > > ####**Does not provide direct ownership** > > NFTs are records of transactions and don't provide direct ownership. They can hold metadata, which are often just glorified links and pointers to other sources. For example, an NFT could point to the URI of an image. **But there's nothing preventing others from creating new NFTs that point to the same image. Owning the NFT does not mean you own the referenced image.** It's up to the people, communities, and front-end services involved with the NFT to recognize that the NFT represents ownership of the object it links to. > > Similarly, NFTs that point to real objects like property also have to work within the confines of the regulatory system. If the regulatory system does recognize the the NFT, then trading that NFT doesn't transfer actual property rights. In that situation, the NFT becomes an unnecessary extra step. > > There are many [stolen artwork](https://www.theverge.com/2022/5/17/23077174/deviantart-protect-nft-crypto-stolen-art-blockchain-detection) that get created as NFTs. Many projects like Bored Apes have near-identical copycats of each other. For example, the official collection of MetaWaifus is on Solana, but there are 4 other (likely stolen) collections on Polygon's PoS network sold through Opensea that are duplicates of the original. Centralized marketplaces have to spend effort blocking stolen work, and it's a complicated game of whack-a-mole. > > ####**Uses centralized front-end services** > > NFTs require front-end services to provide an interface for customers. For example, games could easily cost 10s to 100s of millions of dollars and take many years to develop. **If the centralized front-end platform goes down or chooses to no longer recognize the NFTs, it could be cost-prohibitive and time-prohibitive for the community to rebuild it.** If that happens, the NFT will become worthless. Intellectual Property rights could also prevent the objects represented by the NFTs to be re-established without considerably changing how they look or work. > > ####**Reliant on blockchains** > > NFTs are stored on blockchains, so they carry all the risks and downsides to using them. **NFTs are at risk of theft, hacks, bugs, and user errors.** If you lose access to an NFT, there is no undo button or recovery system--it's permanently lost. Users will need to become familiar with a complex system of wallets, gas tokens, safety, and will shoulder the risk of owning NFTs. > > **Networks also can have high transaction and smart contract fees** for minting and transferring the NFTs. For example, BAYC NFT's Otherside sale brought in $253M of revenue, but cost $181M in Ethereum gas fees [[Source](https://qz.com/2161193/bored-ape-yacht-clubs-nfts-cost-181-million-in-gas-fees/)]. Even on the very-cheap Polygon PoS network, it cost 0.1-0.2 cents to mint a reddit NFT. They're cheap individually, but if you need to mint and transfer millions of these for the 400M+ monthly active redditors, the costs quickly add up. > > **Most blockchains are very storage-limited**, so the objects that the NFTs represent are often stored off-chain either on centralized databases or on IPFS, leading to the additional risk of dead links. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.

Unitedstatesofnever

It is insane how that BAYC think panned out. Imagine minting for for 0.08 and selling at the top. Life changing money for 200 bucks

CointestMod

#NFT Con-Arguments Below is a NFT con-argument written by Maleficent_Plankton. > ####**Anti-NFT backlash** > > By now, we need accept that most communities, especially the technology and gaming communities, absolutely hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs. > > There are literally subs banning users for having a reddit avatar NFT (like the 196 subreddit) even though they were given away freely. Gaming companies like [Ubisoft were absolutely vilified](https://arstechnica.com/gaming/2022/04/ubisofts-first-nft-experiment-was-a-dumpster-fire/) when they mentioned exploring NFTs in future games. [EA had to backtrack](https://www.protocol.com/bulletins/ea-ceo-nfts-blockchain-backtrack) after their own high-profile backlash. Gamers in particular hate Pay-to-Win and Pay-to-Earn systems, which are commonly used in the design scheme for NFT-based games. > > **It's risky for companies to endorse NFTs when their customers are going out of the way to avoid them.** NFTs will likely remain a very niche product for the near future. > > ####**Does not provide direct ownership** > > NFTs are records of transactions and don't provide direct ownership. They can hold metadata, which are often just glorified links and pointers to other sources. For example, an NFT could point to the URI of an image. **But there's nothing preventing others from creating new NFTs that point to the same image. Owning the NFT does not mean you own the referenced image.** It's up to the people, communities, and front-end services involved with the NFT to recognize that the NFT represents ownership of the object it links to. > > Similarly, NFTs that point to real objects like property also have to work within the confines of the regulatory system. If the regulatory system does recognize the the NFT, then trading that NFT doesn't transfer actual property rights. In that situation, the NFT becomes an unnecessary extra step. > > There are many [stolen artwork](https://www.theverge.com/2022/5/17/23077174/deviantart-protect-nft-crypto-stolen-art-blockchain-detection) that get created as NFTs. Many projects like Bored Apes have near-identical copycats of each other. For example, the official collection of MetaWaifus is on Solana, but there are 4 other (likely stolen) collections on Polygon's PoS network sold through Opensea that are duplicates of the original. Centralized marketplaces have to spend effort blocking stolen work, and it's a complicated game of whack-a-mole. > > ####**Uses centralized front-end services** > > NFTs require front-end services to provide an interface for customers. For example, games could easily cost 10s to 100s of millions of dollars and take many years to develop. **If the centralized front-end platform goes down or chooses to no longer recognize the NFTs, it could be cost-prohibitive and time-prohibitive for the community to rebuild it.** If that happens, the NFT will become worthless. Intellectual Property rights could also prevent the objects represented by the NFTs to be re-established without considerably changing how they look or work. > > ####**Reliant on blockchains** > > NFTs are stored on blockchains, so they carry all the risks and downsides to using them. **NFTs are at risk of theft, hacks, bugs, and user errors.** If you lose access to an NFT, there is no undo button or recovery system--it's permanently lost. Users will need to become familiar with a complex system of wallets, gas tokens, safety, and will shoulder the risk of owning NFTs. > > **Networks also can have high transaction and smart contract fees** for minting and transferring the NFTs. For example, BAYC NFT's Otherside sale brought in $253M of revenue, but cost $181M in Ethereum gas fees [[Source](https://qz.com/2161193/bored-ape-yacht-clubs-nfts-cost-181-million-in-gas-fees/)]. Even on the very-cheap Polygon PoS network, it cost 0.1-0.2 cents to mint a reddit NFT. They're cheap individually, but if you need to mint and transfer millions of these for the 400M+ monthly active redditors, the costs quickly add up. > > **Most blockchains are very storage-limited**, so the objects that the NFTs represent are often stored off-chain either on centralized databases or on IPFS, leading to the additional risk of dead links. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.

CointestMod

#NFT Con-Arguments Below is a NFT con-argument written by Maleficent_Plankton. > ####**Anti-NFT backlash** > > By now, we need accept that most communities, especially the technology and gaming communities, absolutely hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs. > > There are literally subs banning users for having a reddit avatar NFT (like the 196 subreddit) even though they were given away freely. Gaming companies like [Ubisoft were absolutely vilified](https://arstechnica.com/gaming/2022/04/ubisofts-first-nft-experiment-was-a-dumpster-fire/) when they mentioned exploring NFTs in future games. [EA had to backtrack](https://www.protocol.com/bulletins/ea-ceo-nfts-blockchain-backtrack) after their own high-profile backlash. Gamers in particular hate Pay-to-Win and Pay-to-Earn systems, which are commonly used in the design scheme for NFT-based games. > > **It's risky for companies to endorse NFTs when their customers are going out of the way to avoid them.** NFTs will likely remain a very niche product for the near future. > > ####**Does not provide direct ownership** > > NFTs are records of transactions and don't provide direct ownership. They can hold metadata, which are often just glorified links and pointers to other sources. For example, an NFT could point to the URI of an image. **But there's nothing preventing others from creating new NFTs that point to the same image. Owning the NFT does not mean you own the referenced image.** It's up to the people, communities, and front-end services involved with the NFT to recognize that the NFT represents ownership of the object it links to. > > Similarly, NFTs that point to real objects like property also have to work within the confines of the regulatory system. If the regulatory system does recognize the the NFT, then trading that NFT doesn't transfer actual property rights. In that situation, the NFT becomes an unnecessary extra step. > > There are many [stolen artwork](https://www.theverge.com/2022/5/17/23077174/deviantart-protect-nft-crypto-stolen-art-blockchain-detection) that get created as NFTs. Many projects like Bored Apes have near-identical copycats of each other. For example, the official collection of MetaWaifus is on Solana, but there are 4 other (likely stolen) collections on Polygon's PoS network sold through Opensea that are duplicates of the original. Centralized marketplaces have to spend effort blocking stolen work, and it's a complicated game of whack-a-mole. > > ####**Uses centralized front-end services** > > NFTs require front-end services to provide an interface for customers. For example, games could easily cost 10s to 100s of millions of dollars and take many years to develop. **If the centralized front-end platform goes down or chooses to no longer recognize the NFTs, it could be cost-prohibitive and time-prohibitive for the community to rebuild it.** If that happens, the NFT will become worthless. Intellectual Property rights could also prevent the objects represented by the NFTs to be re-established without considerably changing how they look or work. > > ####**Reliant on blockchains** > > NFTs are stored on blockchains, so they carry all the risks and downsides to using them. **NFTs are at risk of theft, hacks, bugs, and user errors.** If you lose access to an NFT, there is no undo button or recovery system--it's permanently lost. Users will need to become familiar with a complex system of wallets, gas tokens, safety, and will shoulder the risk of owning NFTs. > > **Networks also can have high transaction and smart contract fees** for minting and transferring the NFTs. For example, BAYC NFT's Otherside sale brought in $253M of revenue, but cost $181M in Ethereum gas fees [[Source](https://qz.com/2161193/bored-ape-yacht-clubs-nfts-cost-181-million-in-gas-fees/)]. Even on the very-cheap Polygon PoS network, it cost 0.1-0.2 cents to mint a reddit NFT. They're cheap individually, but if you need to mint and transfer millions of these for the 400M+ monthly active redditors, the costs quickly add up. > > **Most blockchains are very storage-limited**, so the objects that the NFTs represent are often stored off-chain either on centralized databases or on IPFS, leading to the additional risk of dead links. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.

CointestMod

#Apecoin Con-Arguments Below is a Apecoin con-argument written by cryotosensei. > 1. ApeCoin was initially introduced to incentivise owners of the NFT collection Bored Ape Yacht Club released by YUGA Labs. Although its use cases have expanded to that of a form of currency in the Otherside (a metaverse project launched by YUGA Labs) and Benji Bananas (an Animoca Brands blockchain game), it appears that the success of $APE is largely tied to whether YUGA Labs will continue to do well and the degree of support it receives from users for its NFT projects like CryptoPunks and Bored Ape Yacht Club. In the event that other NFT projects shoot to prominence and wrestle away a significant portion of the market share from YUGA Labs, this could send $APE on a downward spiral. > 2. $APE is built on the Ethereum blockchain. While the Ethereum blockchain functions well and is reliable, its problems are well-documented: high congestion leading to high gas fees. At the point of writing, ETH gas fees are rather low due to the bear market, but they are unlikely to remain this low in the long run. In actual fact, the ApeCoin Decentralised Autonomous Organisation proposed for $APE to be migrated to other chains, but to no avail. Since even the ETH Merge won’t immediately lead to lower gas fees once completed, ApeCoin holders must keep sufficient ETH to account for the hefty gas fees. > 3. The allocation structure of $APE may not appeal to some retail investors. Although it has a substantial permanent supply of one billion tokens, only 62% of these tokens is channeled to the Ecosystem Fund. Even so, BAYC holders only get access to 150 million tokens. The remaining 38% is divided among three groups of stakeholders, with the percentage they are entitled to indicated in brackets: Yuga Labs and Charity (16%), Launch Contributors (14%), and BAYC Founders (8%). The rationale behind setting up an ApeCoin DAO to empower holders in governance polls is well-intentioned, but this begs the question: to which extent is an average $APE investor granted autonomy in the first place? ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Apecoin) to find submissions for other topics.

CointestMod

#Apecoin Pro-Arguments Below is a Apecoin pro-argument written by Nostalg33k. > # ApeCoin: What if they deliver? > > ​ > > In this small excerpt, we are going to present the full hopium case for Apecoin. Please don't invest after reading this a please document yourself a looooot. > > ​ > > ApeCoin is a coin with a future. In fact, this coin will be in the hand of many many influential people. Since ApeCoin is distributed to holders of BAYC and since BAYC holders range from Justin Beiber to Post Malone to Stephen Curry or even Paris Hilton and Jimmy Fallon. > > One can think that these celebrities are ready to throw some cash at ApeCoin. > > The second aspect is the Metaverse. If Otherside, the BAYC metaverse, is delivered in any way shape or form. This will create a market for ApeCoin. This would make it more and more valuable. > > Lastly, if the NFT hype comes back. BAYC will return to new heights, making some free advertisement to ApeCoin. > > ​ > > In a perfect world, ApeCoin is a very sound project. What can go wrong? ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Apecoin) to find submissions for other topics.

CointestMod

#NFT Con-Arguments Below is a NFT con-argument written by Maleficent_Plankton. > ####**Anti-NFT backlash** > > By now, we need accept that most communities, especially the technology and gaming communities, absolutely hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs. > > There are literally subs banning users for having a reddit avatar NFT (like the 196 subreddit) even though they were given away freely. Gaming companies like [Ubisoft were absolutely vilified](https://arstechnica.com/gaming/2022/04/ubisofts-first-nft-experiment-was-a-dumpster-fire/) when they mentioned exploring NFTs in future games. [EA had to backtrack](https://www.protocol.com/bulletins/ea-ceo-nfts-blockchain-backtrack) after their own high-profile backlash. Gamers in particular hate Pay-to-Win and Pay-to-Earn systems, which are commonly used in the design scheme for NFT-based games. > > **It's risky for companies to endorse NFTs when their customers are going out of the way to avoid them.** NFTs will likely remain a very niche product for the near future. > > ####**Does not provide direct ownership** > > NFTs are records of transactions and don't provide direct ownership. They can hold metadata, which are often just glorified links and pointers to other sources. For example, an NFT could point to the URI of an image. **But there's nothing preventing others from creating new NFTs that point to the same image. Owning the NFT does not mean you own the referenced image.** It's up to the people, communities, and front-end services involved with the NFT to recognize that the NFT represents ownership of the object it links to. > > Similarly, NFTs that point to real objects like property also have to work within the confines of the regulatory system. If the regulatory system does recognize the the NFT, then trading that NFT doesn't transfer actual property rights. In that situation, the NFT becomes an unnecessary extra step. > > There are many [stolen artwork](https://www.theverge.com/2022/5/17/23077174/deviantart-protect-nft-crypto-stolen-art-blockchain-detection) that get created as NFTs. Many projects like Bored Apes have near-identical copycats of each other. For example, the official collection of MetaWaifus is on Solana, but there are 4 other (likely stolen) collections on Polygon's PoS network sold through Opensea that are duplicates of the original. Centralized marketplaces have to spend effort blocking stolen work, and it's a complicated game of whack-a-mole. > > ####**Uses centralized front-end services** > > NFTs require front-end services to provide an interface for customers. For example, games could easily cost 10s to 100s of millions of dollars and take many years to develop. **If the centralized front-end platform goes down or chooses to no longer recognize the NFTs, it could be cost-prohibitive and time-prohibitive for the community to rebuild it.** If that happens, the NFT will become worthless. Intellectual Property rights could also prevent the objects represented by the NFTs to be re-established without considerably changing how they look or work. > > ####**Reliant on blockchains** > > NFTs are stored on blockchains, so they carry all the risks and downsides to using them. **NFTs are at risk of theft, hacks, bugs, and user errors.** If you lose access to an NFT, there is no undo button or recovery system--it's permanently lost. Users will need to become familiar with a complex system of wallets, gas tokens, safety, and will shoulder the risk of owning NFTs. > > **Networks also can have high transaction and smart contract fees** for minting and transferring the NFTs. For example, BAYC NFT's Otherside sale brought in $253M of revenue, but cost $181M in Ethereum gas fees [[Source](https://qz.com/2161193/bored-ape-yacht-clubs-nfts-cost-181-million-in-gas-fees/)]. Even on the very-cheap Polygon PoS network, it cost 0.1-0.2 cents to mint a reddit NFT. They're cheap individually, but if you need to mint and transfer millions of these for the 400M+ monthly active redditors, the costs quickly add up. > > **Most blockchains are very storage-limited**, so the objects that the NFTs represent are often stored off-chain either on centralized databases or on IPFS, leading to the additional risk of dead links. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.

CointestMod

#NFT Con-Arguments Below is a NFT con-argument written by Maleficent_Plankton. > ####**Anti-NFT backlash** > > By now, we need accept that most communities, especially the technology and gaming communities, absolutely hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs. > > There are literally subs banning users for having a reddit avatar NFT (like the 196 subreddit) even though they were given away freely. Gaming companies like [Ubisoft were absolutely vilified](https://arstechnica.com/gaming/2022/04/ubisofts-first-nft-experiment-was-a-dumpster-fire/) when they mentioned exploring NFTs in future games. [EA had to backtrack](https://www.protocol.com/bulletins/ea-ceo-nfts-blockchain-backtrack) after their own high-profile backlash. Gamers in particular hate Pay-to-Win and Pay-to-Earn systems, which are commonly used in the design scheme for NFT-based games. > > **It's risky for companies to endorse NFTs when their customers are going out of the way to avoid them.** NFTs will likely remain a very niche product for the near future. > > ####**Does not provide direct ownership** > > NFTs are records of transactions and don't provide direct ownership. They can hold metadata, which are often just glorified links and pointers to other sources. For example, an NFT could point to the URI of an image. **But there's nothing preventing others from creating new NFTs that point to the same image. Owning the NFT does not mean you own the referenced image.** It's up to the people, communities, and front-end services involved with the NFT to recognize that the NFT represents ownership of the object it links to. > > Similarly, NFTs that point to real objects like property also have to work within the confines of the regulatory system. If the regulatory system does recognize the the NFT, then trading that NFT doesn't transfer actual property rights. In that situation, the NFT becomes an unnecessary extra step. > > There are many [stolen artwork](https://www.theverge.com/2022/5/17/23077174/deviantart-protect-nft-crypto-stolen-art-blockchain-detection) that get created as NFTs. Many projects like Bored Apes have near-identical copycats of each other. For example, the official collection of MetaWaifus is on Solana, but there are 4 other (likely stolen) collections on Polygon's PoS network sold through Opensea that are duplicates of the original. Centralized marketplaces have to spend effort blocking stolen work, and it's a complicated game of whack-a-mole. > > ####**Uses centralized front-end services** > > NFTs require front-end services to provide an interface for customers. For example, games could easily cost 10s to 100s of millions of dollars and take many years to develop. **If the centralized front-end platform goes down or chooses to no longer recognize the NFTs, it could be cost-prohibitive and time-prohibitive for the community to rebuild it.** If that happens, the NFT will become worthless. Intellectual Property rights could also prevent the objects represented by the NFTs to be re-established without considerably changing how they look or work. > > ####**Reliant on blockchains** > > NFTs are stored on blockchains, so they carry all the risks and downsides to using them. **NFTs are at risk of theft, hacks, bugs, and user errors.** If you lose access to an NFT, there is no undo button or recovery system--it's permanently lost. Users will need to become familiar with a complex system of wallets, gas tokens, safety, and will shoulder the risk of owning NFTs. > > **Networks also can have high transaction and smart contract fees** for minting and transferring the NFTs. For example, BAYC NFT's Otherside sale brought in $253M of revenue, but cost $181M in Ethereum gas fees [[Source](https://qz.com/2161193/bored-ape-yacht-clubs-nfts-cost-181-million-in-gas-fees/)]. Even on the very-cheap Polygon PoS network, it cost 0.1-0.2 cents to mint a reddit NFT. They're cheap individually, but if you need to mint and transfer millions of these for the 400M+ monthly active redditors, the costs quickly add up. > > **Most blockchains are very storage-limited**, so the objects that the NFTs represent are often stored off-chain either on centralized databases or on IPFS, leading to the additional risk of dead links. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.

Yellowflash274

A kid did make more than 6 figures by 3D printing BAYC's users NFT

CointestMod

#NFT Con-Arguments Below is a NFT con-argument written by Maleficent_Plankton. > ####**Anti-NFT backlash** > > By now, we need accept that most communities, especially the technology and gaming communities, absolutely hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs. > > There are literally subs banning users for having a reddit avatar NFT (like the 196 subreddit) even though they were given away freely. Gaming companies like [Ubisoft were absolutely vilified](https://arstechnica.com/gaming/2022/04/ubisofts-first-nft-experiment-was-a-dumpster-fire/) when they mentioned exploring NFTs in future games. [EA had to backtrack](https://www.protocol.com/bulletins/ea-ceo-nfts-blockchain-backtrack) after their own high-profile backlash. Gamers in particular hate Pay-to-Win and Pay-to-Earn systems, which are commonly used in the design scheme for NFT-based games. > > **It's risky for companies to endorse NFTs when their customers are going out of the way to avoid them.** NFTs will likely remain a very niche product for the near future. > > ####**Does not provide direct ownership** > > NFTs are records of transactions and don't provide direct ownership. They can hold metadata, which are often just glorified links and pointers to other sources. For example, an NFT could point to the URI of an image. **But there's nothing preventing others from creating new NFTs that point to the same image. Owning the NFT does not mean you own the referenced image.** It's up to the people, communities, and front-end services involved with the NFT to recognize that the NFT represents ownership of the object it links to. > > Similarly, NFTs that point to real objects like property also have to work within the confines of the regulatory system. If the regulatory system does recognize the the NFT, then trading that NFT doesn't transfer actual property rights. In that situation, the NFT becomes an unnecessary extra step. > > There are many [stolen artwork](https://www.theverge.com/2022/5/17/23077174/deviantart-protect-nft-crypto-stolen-art-blockchain-detection) that get created as NFTs. Many projects like Bored Apes have near-identical copycats of each other. For example, the official collection of MetaWaifus is on Solana, but there are 4 other (likely stolen) collections on Polygon's PoS network sold through Opensea that are duplicates of the original. Centralized marketplaces have to spend effort blocking stolen work, and it's a complicated game of whack-a-mole. > > ####**Uses centralized front-end services** > > NFTs require front-end services to provide an interface for customers. For example, games could easily cost 10s to 100s of millions of dollars and take many years to develop. **If the centralized front-end platform goes down or chooses to no longer recognize the NFTs, it could be cost-prohibitive and time-prohibitive for the community to rebuild it.** If that happens, the NFT will become worthless. Intellectual Property rights could also prevent the objects represented by the NFTs to be re-established without considerably changing how they look or work. > > ####**Reliant on blockchains** > > NFTs are stored on blockchains, so they carry all the risks and downsides to using them. **NFTs are at risk of theft, hacks, bugs, and user errors.** If you lose access to an NFT, there is no undo button or recovery system--it's permanently lost. Users will need to become familiar with a complex system of wallets, gas tokens, safety, and will shoulder the risk of owning NFTs. > > **Networks also can have high transaction and smart contract fees** for minting and transferring the NFTs. For example, BAYC NFT's Otherside sale brought in $253M of revenue, but cost $181M in Ethereum gas fees [[Source](https://qz.com/2161193/bored-ape-yacht-clubs-nfts-cost-181-million-in-gas-fees/)]. Even on the very-cheap Polygon PoS network, it cost 0.1-0.2 cents to mint a reddit NFT. They're cheap individually, but if you need to mint and transfer millions of these for the 400M+ monthly active redditors, the costs quickly add up. > > **Most blockchains are very storage-limited**, so the objects that the NFTs represent are often stored off-chain either on centralized databases or on IPFS, leading to the additional risk of dead links. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.

nonameattachedforme

A lot of celebrities are buying into crypto because they are getting paid (Steph Curry, Tom Hanks, Shaq et al) and others are just looking to be influencers and buying into it for prestige like buying a cryptopunk or BAYC (Justin Bieber, Serena Williams, Jay Z) but there are a number of artists actually issuing NFTs with royalties (Rihanna, Snoop Dogg) and other celebrities actually working on building the backbone of a Web 3.0 and crypto future (like Mike Tyson) and it's really cool to see the celebrities actually buying into the technology not simply to enrich themselves and make themselves look good.. cough cough Oprah Winfrey.

jskirbyman

So it looks like my bid on the BAYC nounsDAO auction is actually going to win, for just 5 eth lol. Wasnt expecting that since floor is 20+. Should I sell the Ape or keep it as an investment (my friend tells me NTFs might have bottomed?) With not much time left, I am surprisingly still the high bidder @ [https://auction.nouns.wtf/](https://auction.nouns.wf/) Sure, I guess I might still get sniped. I remember on eBay years ago, I would have this same excited feeling thinking im just about to win a great deal and then the price doubles in the last moments!But I'm feeling good about this one. I am torn though.. Should I just flip it on opensea as a kind of arbitrage trade or shall i hold out.. Didnt these apes used to go for 100 ETH or something crazy? Cheers, Dom

Rey_Mezcalero

Same here. BAYC NFTs were brain dead and then the Ale Coin to get the rest of the mentally challenged people’s money 😂😂

Puking_In_Disgust

>People in BAYC are asking him to remove the post Idk, if I were them I’d want as few actual shitty people holding as possible… but then again Ben’s definitely not the one asshole in BAYC that keeps it from being a shining utopia.

Abdeliq

He's broke..... BAYC is down. He's gonna sell at loss

muttadile1

thoughts on NFTs? i never bought a single nft in my life even though i been in the space for years, what do people even do with NFTs that aren't something crazy expensive like BAYC?

0xjoel

Do you think Nfts like BAYC can reclaim it's ATH in bulk Market?

Affectionate-Hunt217

You have to be early, BAYC were minting out for like 250 each for a week, they didn’t mint out instantly, and they were around 1 ETH for a while before a bunch of influencers blew them up, then came the celebs with their sponsored purchases for millions, which made them blow up even more, turning what was a 250 dollar mint into 500k for a picture of an Ape 😂 people probably didn’t last until it was worth that much but still if I turned a stupid picture of an ape I bought for 250 dollars into thousands or even hundred of thousands I’ll never stop talking about, I’ll literally be suffocating every person I know so that they get into NFTs, but with my luck all I got was rugged a couple of times with the NFT game and lost like 1k on it 😭🫡

CointestMod

#Apecoin Con-Arguments Below is a Apecoin con-argument written by cryotosensei. > 1. ApeCoin was initially introduced to incentivise owners of the NFT collection Bored Ape Yacht Club released by YUGA Labs. Although its use cases have expanded to that of a form of currency in the Otherside (a metaverse project launched by YUGA Labs) and Benji Bananas (an Animoca Brands blockchain game), it appears that the success of $APE is largely tied to whether YUGA Labs will continue to do well and the degree of support it receives from users for its NFT projects like CryptoPunks and Bored Ape Yacht Club. In the event that other NFT projects shoot to prominence and wrestle away a significant portion of the market share from YUGA Labs, this could send $APE on a downward spiral. > 2. $APE is built on the Ethereum blockchain. While the Ethereum blockchain functions well and is reliable, its problems are well-documented: high congestion leading to high gas fees. At the point of writing, ETH gas fees are rather low due to the bear market, but they are unlikely to remain this low in the long run. In actual fact, the ApeCoin Decentralised Autonomous Organisation proposed for $APE to be migrated to other chains, but to no avail. Since even the ETH Merge won’t immediately lead to lower gas fees once completed, ApeCoin holders must keep sufficient ETH to account for the hefty gas fees. > 3. The allocation structure of $APE may not appeal to some retail investors. Although it has a substantial permanent supply of one billion tokens, only 62% of these tokens is channeled to the Ecosystem Fund. Even so, BAYC holders only get access to 150 million tokens. The remaining 38% is divided among three groups of stakeholders, with the percentage they are entitled to indicated in brackets: Yuga Labs and Charity (16%), Launch Contributors (14%), and BAYC Founders (8%). The rationale behind setting up an ApeCoin DAO to empower holders in governance polls is well-intentioned, but this begs the question: to which extent is an average $APE investor granted autonomy in the first place? ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Apecoin) to find submissions for other topics.

CointestMod

#Apecoin Pro-Arguments Below is a Apecoin pro-argument written by cryotosensei. > > Background > > ApeCoin ($APE) was an ERC-20 governance token that was launched on March 17, 2022. It is a social token associated with twoof the biggest NFT players, Bored Ape Yacht Club (BAYC) and Mutant Apes Yacht Club (MAYC). They will be used to engage these two communities and maintain dominance of the whole ecosystem. > > 1. Interestingly, $APE is not controlled by BAYC’s creator, YUGA Labs. Instead, it is operated by the ApeCoin Dao, a decentralised autonomous organization. This means that every $APE holder gets a say in deciding governance rules. Already, they have exercised their right. When YUGA Labs proposed for $APE to have its own blockchain, Layer-2/subnet, or other sidechain solution, an overwhelming majority (99.91%) of 196K ApeCoin holders voted in favour of Proposition 41 as they would rather ApeCoin remain in the Ethereum ecosystem instead of migrating to other chains. This enhances $APE holders’ sense of autonomy as they get to determine the future of their token. > 2. Besides being empowered with voting rights, $APE holders will find like they are in an exclusive club as they will get to access member perks and benefits, including access to rare merchandise, and invitations to face-to-face events. > 3. $APE offers utility as a form of currency. Firstly, this is because of the Otherside metaverse that was launched by Yuga Labs. Since $APE is employed as the standard currency in Otherside (e.g. minting of Otherside NFTs), its value soared, thus helping it to become the largest metaverse token by market capitalisation at one point in time. Plus, players of the Animoca Brands blockchain game, Benji Bananas, could use ApeCoin as an in-game currency to advance to higher levels. This applies to players of a play to earn game from nWay Play too. > > > References > https://chaindebrief.com/everything-you-need-to-know-apecoin/ > > https://decrypt.co/98829/apecoin-becomes-largest-metaverse-token-surpassing-mana-sand-axs > > https://cryptobriefing.com/apecoin-at-all-time-highs-ahead-of-otherside-nft-drop/ > > https://bit.ly/3LlxoMC > > https://www.gemini.com/cryptopedia/apecoin-ape-crypto-bayc-ape-token-crypto-yuga-labs-ape-board#section-use-cases-of-ape-coin ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Apecoin) to find submissions for other topics.

crypt0_sports

Say what? The initial airdrops were linked to BAYC holders spread out over the first year.

CointestMod

#NFT Con-Arguments Below is a NFT con-argument written by Maleficent_Plankton. > ####**Anti-NFT backlash** > > By now, we need accept that most communities, especially the technology and gaming communities, absolutely hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs. > > There are literally subs banning users for having a reddit avatar NFT (like the 196 subreddit) even though they were given away freely. Gaming companies like [Ubisoft were absolutely vilified](https://arstechnica.com/gaming/2022/04/ubisofts-first-nft-experiment-was-a-dumpster-fire/) when they mentioned exploring NFTs in future games. [EA had to backtrack](https://www.protocol.com/bulletins/ea-ceo-nfts-blockchain-backtrack) after their own high-profile backlash. Gamers in particular hate Pay-to-Win and Pay-to-Earn systems, which are commonly used in the design scheme for NFT-based games. > > **It's risky for companies to endorse NFTs when their customers are going out of the way to avoid them.** NFTs will likely remain a very niche product for the near future. > > ####**Does not provide direct ownership** > > NFTs are records of transactions and don't provide direct ownership. They can hold metadata, which are often just glorified links and pointers to other sources. For example, an NFT could point to the URI of an image. **But there's nothing preventing others from creating new NFTs that point to the same image. Owning the NFT does not mean you own the referenced image.** It's up to the people, communities, and front-end services involved with the NFT to recognize that the NFT represents ownership of the object it links to. > > Similarly, NFTs that point to real objects like property also have to work within the confines of the regulatory system. If the regulatory system does recognize the the NFT, then trading that NFT doesn't transfer actual property rights. In that situation, the NFT becomes an unnecessary extra step. > > There are many [stolen artwork](https://www.theverge.com/2022/5/17/23077174/deviantart-protect-nft-crypto-stolen-art-blockchain-detection) that get created as NFTs. Many projects like Bored Apes have near-identical copycats of each other. For example, the official collection of MetaWaifus is on Solana, but there are 4 other (likely stolen) collections on Polygon's PoS network sold through Opensea that are duplicates of the original. Centralized marketplaces have to spend effort blocking stolen work, and it's a complicated game of whack-a-mole. > > ####**Uses centralized front-end services** > > NFTs require front-end services to provide an interface for customers. For example, games could easily cost 10s to 100s of millions of dollars and take many years to develop. **If the centralized front-end platform goes down or chooses to no longer recognize the NFTs, it could be cost-prohibitive and time-prohibitive for the community to rebuild it.** If that happens, the NFT will become worthless. Intellectual Property rights could also prevent the objects represented by the NFTs to be re-established without considerably changing how they look or work. > > ####**Reliant on blockchains** > > NFTs are stored on blockchains, so they carry all the risks and downsides to using them. **NFTs are at risk of theft, hacks, bugs, and user errors.** If you lose access to an NFT, there is no undo button or recovery system--it's permanently lost. Users will need to become familiar with a complex system of wallets, gas tokens, safety, and will shoulder the risk of owning NFTs. > > **Networks also can have high transaction and smart contract fees** for minting and transferring the NFTs. For example, BAYC NFT's Otherside sale brought in $253M of revenue, but cost $181M in Ethereum gas fees [[Source](https://qz.com/2161193/bored-ape-yacht-clubs-nfts-cost-181-million-in-gas-fees/)]. Even on the very-cheap Polygon PoS network, it cost 0.1-0.2 cents to mint a reddit NFT. They're cheap individually, but if you need to mint and transfer millions of these for the 400M+ monthly active redditors, the costs quickly add up. > > **Most blockchains are very storage-limited**, so the objects that the NFTs represent are often stored off-chain either on centralized databases or on IPFS, leading to the additional risk of dead links. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.

justcamefromcaves

whole nft market is dying but pudgy penguins are doing wonders. Volume and price is surging constantly and no wonder if they flip BAYC soon enough. It took 2.5 million dollars to make such a groundbreaking deal with walmart. I wonder what other nft projects did with tens of millions they raised

AltTimeHigh

I encourage to read about the project, check out horizen.io and look at all the work Horizen Labs have done in the past with big names like BAYC and the launch of their Ape token. A 2017 project still going strong.

pibbleberrier

Big different BAYC and veefriend gear were design to extract more value out of their existing bagholder. Pudgy’s strategy is to extract value from the traditional market and return them to the bag holders.

MericaGuy

That would not surprise me in the least. We know BAYC spent tonnes of ETH on shilling their shitty collection all over the place, so them essentially buying NFTs for celebs to get the publicity seems very likely.

Omnomnomnivor3

Relax I don't hold any of these NFTs but I would buy these toys even without royalty benefits I don't bother comparing garbage quality BAYC and VeeFriends NFT. Their management have since day 0 all about making been making poor quality projects without finishing good properly so they lost their ground whether in floor price or respect in the community No shilling, just fresh news of a decent merch that's connected to web3 itself.

Armolin

According to the class action lawsuit against BAYC a lot of these celebrities who own a BAYC NFT receive it as a gift in exchange to promote these NFTs as "belonging to" said celebrities.

GabeSter

BAYC gave the celebrities NFT’s for free and gave them additional money. The celebrities lost nothing. The dumb people who bought bayc are the ones who lost.

GabeSter

We 100% know that the majority of these NFT’s were not only given to the celebrities they gave them extra ETH so the celebrities got a free nft and a crypto payment so BAYC could claim the celebrities “bought them” For example the BAYC gave a ton of ETH to Justin Bieber so he could then purchase an nft at no cost to himself. The only loss is what the BAYC marketing team spent. But they made more by convincing dumb people to dump their savings into their useless NFT’s.

Calm-Cartographer677

I remember seeing someone posting Bieber's wallet on here that showed he got his Bored Ape for free. I'm sure BAYC transferred him the ETH in advance that he then used to 'buy' his NFT.

RayesFrost

Literally what BAYC was and every other “major” popular NFT projects as well

CointestMod

#NFT Con-Arguments Below is a NFT con-argument written by Maleficent_Plankton. > ####**Anti-NFT backlash** > > By now, we need accept that most communities, especially the technology and gaming communities, absolutely hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs. > > There are literally subs banning users for having a reddit avatar NFT (like the 196 subreddit) even though they were given away freely. Gaming companies like [Ubisoft were absolutely vilified](https://arstechnica.com/gaming/2022/04/ubisofts-first-nft-experiment-was-a-dumpster-fire/) when they mentioned exploring NFTs in future games. [EA had to backtrack](https://www.protocol.com/bulletins/ea-ceo-nfts-blockchain-backtrack) after their own high-profile backlash. Gamers in particular hate Pay-to-Win and Pay-to-Earn systems, which are commonly used in the design scheme for NFT-based games. > > **It's risky for companies to endorse NFTs when their customers are going out of the way to avoid them.** NFTs will likely remain a very niche product for the near future. > > ####**Does not provide direct ownership** > > NFTs are records of transactions and don't provide direct ownership. They can hold metadata, which are often just glorified links and pointers to other sources. For example, an NFT could point to the URI of an image. **But there's nothing preventing others from creating new NFTs that point to the same image. Owning the NFT does not mean you own the referenced image.** It's up to the people, communities, and front-end services involved with the NFT to recognize that the NFT represents ownership of the object it links to. > > Similarly, NFTs that point to real objects like property also have to work within the confines of the regulatory system. If the regulatory system does recognize the the NFT, then trading that NFT doesn't transfer actual property rights. In that situation, the NFT becomes an unnecessary extra step. > > There are many [stolen artwork](https://www.theverge.com/2022/5/17/23077174/deviantart-protect-nft-crypto-stolen-art-blockchain-detection) that get created as NFTs. Many projects like Bored Apes have near-identical copycats of each other. For example, the official collection of MetaWaifus is on Solana, but there are 4 other (likely stolen) collections on Polygon's PoS network sold through Opensea that are duplicates of the original. Centralized marketplaces have to spend effort blocking stolen work, and it's a complicated game of whack-a-mole. > > ####**Uses centralized front-end services** > > NFTs require front-end services to provide an interface for customers. For example, games could easily cost 10s to 100s of millions of dollars and take many years to develop. **If the centralized front-end platform goes down or chooses to no longer recognize the NFTs, it could be cost-prohibitive and time-prohibitive for the community to rebuild it.** If that happens, the NFT will become worthless. Intellectual Property rights could also prevent the objects represented by the NFTs to be re-established without considerably changing how they look or work. > > ####**Reliant on blockchains** > > NFTs are stored on blockchains, so they carry all the risks and downsides to using them. **NFTs are at risk of theft, hacks, bugs, and user errors.** If you lose access to an NFT, there is no undo button or recovery system--it's permanently lost. Users will need to become familiar with a complex system of wallets, gas tokens, safety, and will shoulder the risk of owning NFTs. > > **Networks also can have high transaction and smart contract fees** for minting and transferring the NFTs. For example, BAYC NFT's Otherside sale brought in $253M of revenue, but cost $181M in Ethereum gas fees [[Source](https://qz.com/2161193/bored-ape-yacht-clubs-nfts-cost-181-million-in-gas-fees/)]. Even on the very-cheap Polygon PoS network, it cost 0.1-0.2 cents to mint a reddit NFT. They're cheap individually, but if you need to mint and transfer millions of these for the 400M+ monthly active redditors, the costs quickly add up. > > **Most blockchains are very storage-limited**, so the objects that the NFTs represent are often stored off-chain either on centralized databases or on IPFS, leading to the additional risk of dead links. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.

VeggieBitesX

Only BAYC and MAYC are good… everything else is dead

Burzzzt88

The NFT market totally collapsed for the most part. For example BAYC. Sure some unique stuff is nice but i wouldn't dare to invest in it. Feel free to do it if you think you can time it but for now it's only dropping.

BuuWrath

>Really wonder if a project like BAYC will eventually last. I think it will last, a lot of people and influencers are deep in BAYC they won't make it fail

Ai_Art_Bug

I think the time for projects with no usecase like BAYC is gone. Now NFT projects need to have a use case, for example embrace web 3.0 and gate access to certain things. What other use cases do you see?

Pristine_Spinach8718

What do you guys think the future of NFTs will have in store for us? Really wonder if a project like BAYC will eventually last.

CointestMod

#NFT Con-Arguments Below is a NFT con-argument written by Maleficent_Plankton. > ####**Anti-NFT backlash** > > By now, we need accept that most communities, especially the technology and gaming communities, absolutely hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs. > > There are literally subs banning users for having a reddit avatar NFT (like the 196 subreddit) even though they were given away freely. Gaming companies like [Ubisoft were absolutely vilified](https://arstechnica.com/gaming/2022/04/ubisofts-first-nft-experiment-was-a-dumpster-fire/) when they mentioned exploring NFTs in future games. [EA had to backtrack](https://www.protocol.com/bulletins/ea-ceo-nfts-blockchain-backtrack) after their own high-profile backlash. Gamers in particular hate Pay-to-Win and Pay-to-Earn systems, which are commonly used in the design scheme for NFT-based games. > > **It's risky for companies to endorse NFTs when their customers are going out of the way to avoid them.** NFTs will likely remain a very niche product for the near future. > > ####**Does not provide direct ownership** > > NFTs are records of transactions and don't provide direct ownership. They can hold metadata, which are often just glorified links and pointers to other sources. For example, an NFT could point to the URI of an image. **But there's nothing preventing others from creating new NFTs that point to the same image. Owning the NFT does not mean you own the referenced image.** It's up to the people, communities, and front-end services involved with the NFT to recognize that the NFT represents ownership of the object it links to. > > Similarly, NFTs that point to real objects like property also have to work within the confines of the regulatory system. If the regulatory system does recognize the the NFT, then trading that NFT doesn't transfer actual property rights. In that situation, the NFT becomes an unnecessary extra step. > > There are many [stolen artwork](https://www.theverge.com/2022/5/17/23077174/deviantart-protect-nft-crypto-stolen-art-blockchain-detection) that get created as NFTs. Many projects like Bored Apes have near-identical copycats of each other. For example, the official collection of MetaWaifus is on Solana, but there are 4 other (likely stolen) collections on Polygon's PoS network sold through Opensea that are duplicates of the original. Centralized marketplaces have to spend effort blocking stolen work, and it's a complicated game of whack-a-mole. > > ####**Uses centralized front-end services** > > NFTs require front-end services to provide an interface for customers. For example, games could easily cost 10s to 100s of millions of dollars and take many years to develop. **If the centralized front-end platform goes down or chooses to no longer recognize the NFTs, it could be cost-prohibitive and time-prohibitive for the community to rebuild it.** If that happens, the NFT will become worthless. Intellectual Property rights could also prevent the objects represented by the NFTs to be re-established without considerably changing how they look or work. > > ####**Reliant on blockchains** > > NFTs are stored on blockchains, so they carry all the risks and downsides to using them. **NFTs are at risk of theft, hacks, bugs, and user errors.** If you lose access to an NFT, there is no undo button or recovery system--it's permanently lost. Users will need to become familiar with a complex system of wallets, gas tokens, safety, and will shoulder the risk of owning NFTs. > > **Networks also can have high transaction and smart contract fees** for minting and transferring the NFTs. For example, BAYC NFT's Otherside sale brought in $253M of revenue, but cost $181M in Ethereum gas fees [[Source](https://qz.com/2161193/bored-ape-yacht-clubs-nfts-cost-181-million-in-gas-fees/)]. Even on the very-cheap Polygon PoS network, it cost 0.1-0.2 cents to mint a reddit NFT. They're cheap individually, but if you need to mint and transfer millions of these for the 400M+ monthly active redditors, the costs quickly add up. > > **Most blockchains are very storage-limited**, so the objects that the NFTs represent are often stored off-chain either on centralized databases or on IPFS, leading to the additional risk of dead links. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.

CointestMod

#NFT Con-Arguments Below is a NFT con-argument written by Maleficent_Plankton. > ####**Anti-NFT backlash** > > By now, we need accept that most communities, especially the technology and gaming communities, absolutely hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs. > > There are literally subs banning users for having a reddit avatar NFT (like the 196 subreddit) even though they were given away freely. Gaming companies like [Ubisoft were absolutely vilified](https://arstechnica.com/gaming/2022/04/ubisofts-first-nft-experiment-was-a-dumpster-fire/) when they mentioned exploring NFTs in future games. [EA had to backtrack](https://www.protocol.com/bulletins/ea-ceo-nfts-blockchain-backtrack) after their own high-profile backlash. Gamers in particular hate Pay-to-Win and Pay-to-Earn systems, which are commonly used in the design scheme for NFT-based games. > > **It's risky for companies to endorse NFTs when their customers are going out of the way to avoid them.** NFTs will likely remain a very niche product for the near future. > > ####**Does not provide direct ownership** > > NFTs are records of transactions and don't provide direct ownership. They can hold metadata, which are often just glorified links and pointers to other sources. For example, an NFT could point to the URI of an image. **But there's nothing preventing others from creating new NFTs that point to the same image. Owning the NFT does not mean you own the referenced image.** It's up to the people, communities, and front-end services involved with the NFT to recognize that the NFT represents ownership of the object it links to. > > Similarly, NFTs that point to real objects like property also have to work within the confines of the regulatory system. If the regulatory system does recognize the the NFT, then trading that NFT doesn't transfer actual property rights. In that situation, the NFT becomes an unnecessary extra step. > > There are many [stolen artwork](https://www.theverge.com/2022/5/17/23077174/deviantart-protect-nft-crypto-stolen-art-blockchain-detection) that get created as NFTs. Many projects like Bored Apes have near-identical copycats of each other. For example, the official collection of MetaWaifus is on Solana, but there are 4 other (likely stolen) collections on Polygon's PoS network sold through Opensea that are duplicates of the original. Centralized marketplaces have to spend effort blocking stolen work, and it's a complicated game of whack-a-mole. > > ####**Uses centralized front-end services** > > NFTs require front-end services to provide an interface for customers. For example, games could easily cost 10s to 100s of millions of dollars and take many years to develop. **If the centralized front-end platform goes down or chooses to no longer recognize the NFTs, it could be cost-prohibitive and time-prohibitive for the community to rebuild it.** If that happens, the NFT will become worthless. Intellectual Property rights could also prevent the objects represented by the NFTs to be re-established without considerably changing how they look or work. > > ####**Reliant on blockchains** > > NFTs are stored on blockchains, so they carry all the risks and downsides to using them. **NFTs are at risk of theft, hacks, bugs, and user errors.** If you lose access to an NFT, there is no undo button or recovery system--it's permanently lost. Users will need to become familiar with a complex system of wallets, gas tokens, safety, and will shoulder the risk of owning NFTs. > > **Networks also can have high transaction and smart contract fees** for minting and transferring the NFTs. For example, BAYC NFT's Otherside sale brought in $253M of revenue, but cost $181M in Ethereum gas fees [[Source](https://qz.com/2161193/bored-ape-yacht-clubs-nfts-cost-181-million-in-gas-fees/)]. Even on the very-cheap Polygon PoS network, it cost 0.1-0.2 cents to mint a reddit NFT. They're cheap individually, but if you need to mint and transfer millions of these for the 400M+ monthly active redditors, the costs quickly add up. > > **Most blockchains are very storage-limited**, so the objects that the NFTs represent are often stored off-chain either on centralized databases or on IPFS, leading to the additional risk of dead links. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.

Lillica_Golden_SHIB

Yeah, I would never invest in a company holding $25B worth of BAYC, for instance

XMR_LongBoi

>Never gonna be broad adoption when KYC laws make it illegal for companies to accept. First of all, it's trivially easy to swap Monero for virtually any other coin. These laws will have little (if any) success in preventing people from acquiring/using Monero as they see fit. Secondly, there's nothing in current KYC/AML laws that precludes companies from conducting business with Monero or other privacy coins. You can read more about that subject [here](https://www.perkinscoie.com/en/news-insights/anti-money-laundering-regulation-of-privacy-enabling-cryptocurrencies.html). >Even Coinbase won’t list it. Yet Kraken does, and they haven't been fined, forced to delist, or shut down. >Somethings that are useful are not valuable, like Monero. Monero is valuable precisely because it's useful. What you **might** be saying is that it's not worthwhile as a speculative asset. That's your opinion, and I'm not really in the business of crypto speculation. >Somethings that are valuable are not useful, like Bored Ape NFTs. There's a quote I've always enjoyed: >*“in the short run, the market is a voting machine but in the long run, it is a weighing machine.”* Since it appears that BAYC and other NFT projects are already starting to go the way of ~~Beanie Babies~~ *CryptoKitties\**, I suspect that (like most other things with little to no use value) it's only a matter of time until the price finds an appropriate floor.

CointestMod

#NFT Con-Arguments Below is a NFT con-argument written by Maleficent_Plankton. > ####**Anti-NFT backlash** > > By now, we need accept that most communities, especially the technology and gaming communities, absolutely hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs. > > There are literally subs banning users for having a reddit avatar NFT (like the 196 subreddit) even though they were given away freely. Gaming companies like [Ubisoft were absolutely vilified](https://arstechnica.com/gaming/2022/04/ubisofts-first-nft-experiment-was-a-dumpster-fire/) when they mentioned exploring NFTs in future games. [EA had to backtrack](https://www.protocol.com/bulletins/ea-ceo-nfts-blockchain-backtrack) after their own high-profile backlash. Gamers in particular hate Pay-to-Win and Pay-to-Earn systems, which are commonly used in the design scheme for NFT-based games. > > **It's risky for companies to endorse NFTs when their customers are going out of the way to avoid them.** NFTs will likely remain a very niche product for the near future. > > ####**Does not provide direct ownership** > > NFTs are records of transactions and don't provide direct ownership. They can hold metadata, which are often just glorified links and pointers to other sources. For example, an NFT could point to the URI of an image. **But there's nothing preventing others from creating new NFTs that point to the same image. Owning the NFT does not mean you own the referenced image.** It's up to the people, communities, and front-end services involved with the NFT to recognize that the NFT represents ownership of the object it links to. > > Similarly, NFTs that point to real objects like property also have to work within the confines of the regulatory system. If the regulatory system does recognize the the NFT, then trading that NFT doesn't transfer actual property rights. In that situation, the NFT becomes an unnecessary extra step. > > There are many [stolen artwork](https://www.theverge.com/2022/5/17/23077174/deviantart-protect-nft-crypto-stolen-art-blockchain-detection) that get created as NFTs. Many projects like Bored Apes have near-identical copycats of each other. For example, the official collection of MetaWaifus is on Solana, but there are 4 other (likely stolen) collections on Polygon's PoS network sold through Opensea that are duplicates of the original. Centralized marketplaces have to spend effort blocking stolen work, and it's a complicated game of whack-a-mole. > > ####**Uses centralized front-end services** > > NFTs require front-end services to provide an interface for customers. For example, games could easily cost 10s to 100s of millions of dollars and take many years to develop. **If the centralized front-end platform goes down or chooses to no longer recognize the NFTs, it could be cost-prohibitive and time-prohibitive for the community to rebuild it.** If that happens, the NFT will become worthless. Intellectual Property rights could also prevent the objects represented by the NFTs to be re-established without considerably changing how they look or work. > > ####**Reliant on blockchains** > > NFTs are stored on blockchains, so they carry all the risks and downsides to using them. **NFTs are at risk of theft, hacks, bugs, and user errors.** If you lose access to an NFT, there is no undo button or recovery system--it's permanently lost. Users will need to become familiar with a complex system of wallets, gas tokens, safety, and will shoulder the risk of owning NFTs. > > **Networks also can have high transaction and smart contract fees** for minting and transferring the NFTs. For example, BAYC NFT's Otherside sale brought in $253M of revenue, but cost $181M in Ethereum gas fees [[Source](https://qz.com/2161193/bored-ape-yacht-clubs-nfts-cost-181-million-in-gas-fees/)]. Even on the very-cheap Polygon PoS network, it cost 0.1-0.2 cents to mint a reddit NFT. They're cheap individually, but if you need to mint and transfer millions of these for the 400M+ monthly active redditors, the costs quickly add up. > > **Most blockchains are very storage-limited**, so the objects that the NFTs represent are often stored off-chain either on centralized databases or on IPFS, leading to the additional risk of dead links. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.

Cybernaut-Neko

⬆️ This is how you enter BAYC for real 😂

TheKeiron

If you bought and held a BAYC from the beginning you would have had their mutant serum airdrop, the ape coin airdrop, their sewer pass thing, hv mtl, say what you want about them being overbought but they do actually deliver to their holders and keep delivering, it has been worth the hold. The NFTs that are just pfps are bound to drop in value but those who actually understand the value prop of an NFT have a much better chance of coming back in the bull run.

MrMogz

You’ll find him on Twitter. He just does it for the sake of being highly skilled with the technicals of crypto and being a decent human being. No YouTube channel or anything for him to earn from, just donations. Fun fact, MachiBigBrother, a very rich investor and BAYC holder ended up suing Zach for some things he said in a report about him. Zach ended up raising a 7 figure sum to fight him in court, but thankfully they ended up settling without the need for court and being the person he is, set up a way to refund all of the donations to their initial senders. Unlike guys like Pauly0x who received millions to hit “yougetnothing.eth” address because people thought it would be a token or something clever, when in fact they just gave him millions of dollars.

MaximumStudent1839

Give it a rest. Even Ape holders are voting to use their useless shit coin ApeCoin to buy BAYC in open markets to pump their bags. It is a sad state to realize your formerly 100K USD worth of assets can’t pump without resorting to market manipulation.

Bunker_Beans

BAYC: Broke Ass Yacht Club

FeveredGobbledygook

Most people here are so crypto clueless. BAYC holders got a 10k apecoin airdrop for holding so they’d be close to break even if they sold the air drop when the coin was in 20 dollar range. That would’ve been 100,000 dollars. The ones that got in after the drop are down heavy though.

lubimbo

The NFT gets it's worth by the community. Like you said usually some rare items in games. BAYC for example tried to build the community around their NFTs to maintain/gain its worth. Seems like it didn't work so well. Probably because of the NFT prices normal people just lost interest in at.

MrMogz

The main difference for me is, when it’s time for the next crypto bull run, almost every project that is still alive will do at least a 2-3x, I don’t see that being the case for the vast majority of NFT projects. The big ones like BAYC, Azuki, etc will likely have new runs when their time comes, but most are just dead ☠️

Rexon225

BAYC never had any utility It just had a first mover advantage and it was used as a flex NFT in the NFTspace, BAYC was gonna inevitably going zero

CipherScarlatti

I am in huge support of BAYC being worth zero. Everything involved with it is trash.

CointestMod

#NFT Con-Arguments Below is a NFT con-argument written by Maleficent_Plankton. > ####**Anti-NFT backlash** > > By now, we need accept that most communities, especially the technology and gaming communities, absolutely hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs. > > There are literally subs banning users for having a reddit avatar NFT (like the 196 subreddit) even though they were given away freely. Gaming companies like [Ubisoft were absolutely vilified](https://arstechnica.com/gaming/2022/04/ubisofts-first-nft-experiment-was-a-dumpster-fire/) when they mentioned exploring NFTs in future games. [EA had to backtrack](https://www.protocol.com/bulletins/ea-ceo-nfts-blockchain-backtrack) after their own high-profile backlash. Gamers in particular hate Pay-to-Win and Pay-to-Earn systems, which are commonly used in the design scheme for NFT-based games. > > **It's risky for companies to endorse NFTs when their customers are going out of the way to avoid them.** NFTs will likely remain a very niche product for the near future. > > ####**Does not provide direct ownership** > > NFTs are records of transactions and don't provide direct ownership. They can hold metadata, which are often just glorified links and pointers to other sources. For example, an NFT could point to the URI of an image. **But there's nothing preventing others from creating new NFTs that point to the same image. Owning the NFT does not mean you own the referenced image.** It's up to the people, communities, and front-end services involved with the NFT to recognize that the NFT represents ownership of the object it links to. > > Similarly, NFTs that point to real objects like property also have to work within the confines of the regulatory system. If the regulatory system does recognize the the NFT, then trading that NFT doesn't transfer actual property rights. In that situation, the NFT becomes an unnecessary extra step. > > There are many [stolen artwork](https://www.theverge.com/2022/5/17/23077174/deviantart-protect-nft-crypto-stolen-art-blockchain-detection) that get created as NFTs. Many projects like Bored Apes have near-identical copycats of each other. For example, the official collection of MetaWaifus is on Solana, but there are 4 other (likely stolen) collections on Polygon's PoS network sold through Opensea that are duplicates of the original. Centralized marketplaces have to spend effort blocking stolen work, and it's a complicated game of whack-a-mole. > > ####**Uses centralized front-end services** > > NFTs require front-end services to provide an interface for customers. For example, games could easily cost 10s to 100s of millions of dollars and take many years to develop. **If the centralized front-end platform goes down or chooses to no longer recognize the NFTs, it could be cost-prohibitive and time-prohibitive for the community to rebuild it.** If that happens, the NFT will become worthless. Intellectual Property rights could also prevent the objects represented by the NFTs to be re-established without considerably changing how they look or work. > > ####**Reliant on blockchains** > > NFTs are stored on blockchains, so they carry all the risks and downsides to using them. **NFTs are at risk of theft, hacks, bugs, and user errors.** If you lose access to an NFT, there is no undo button or recovery system--it's permanently lost. Users will need to become familiar with a complex system of wallets, gas tokens, safety, and will shoulder the risk of owning NFTs. > > **Networks also can have high transaction and smart contract fees** for minting and transferring the NFTs. For example, BAYC NFT's Otherside sale brought in $253M of revenue, but cost $181M in Ethereum gas fees [[Source](https://qz.com/2161193/bored-ape-yacht-clubs-nfts-cost-181-million-in-gas-fees/)]. Even on the very-cheap Polygon PoS network, it cost 0.1-0.2 cents to mint a reddit NFT. They're cheap individually, but if you need to mint and transfer millions of these for the 400M+ monthly active redditors, the costs quickly add up. > > **Most blockchains are very storage-limited**, so the objects that the NFTs represent are often stored off-chain either on centralized databases or on IPFS, leading to the additional risk of dead links. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.

pojut

Keep in mind that the main point of BAYC isn't the NFTs, it's the access they give you. You're a part of a community involving a lot of high-rollers that can afford to shrug off a loss of 6 or 7 digits. The networking opportunities are the real value of BAYC, not their floor price.

milehigh89

Gotta love BAYC tanking to new lows, it's a shit project that promised the world. Apecoin can die now too.

Silver-dutch

“It remains to be seen how successful Bitcoin NFT collections are in forming loyal communities like that of CryptoPunks, Milady Maker, Azuki or BAYC. While the trading volume of NFTs and memecoins on Bitcoin attained the second spot in May, the NFT collections have yet to provide utility or build a loyal community of holders.” This

MaximumStudent1839

This sub is so delusional and thinks there are still idiots out there have free money to burn on ETH gas in the next bull run. lol! Last time around, it was all the NFT and Metaverse bubble. People were stupid enough to pay 1ETH as gas to mint digital land in the Otherside Metaverse. Now even Ape brained BAYC holders are bitching about gas. They are complaining about $35 gas to assemble their Wrecked League Mechs, when gwei is 10-20. People have learned their lesson is unusable.

GabeSter

I remember a few people on here who fervently defended BAYC and ApeCoin saying - BAYC would be the backbone of Web3. Buying it was an obvious long term play.

GabeSter

But the BAYC developers are so far ahead in web3 like there is no one else even close to them. They're going to be the future of web3. /s

CointestMod

#Apecoin Con-Arguments Below is a Apecoin con-argument written by cryotosensei. > 1. ApeCoin was initially introduced to incentivise owners of the NFT collection Bored Ape Yacht Club released by YUGA Labs. Although its use cases have expanded to that of a form of currency in the Otherside (a metaverse project launched by YUGA Labs) and Benji Bananas (an Animoca Brands blockchain game), it appears that the success of $APE is largely tied to whether YUGA Labs will continue to do well and the degree of support it receives from users for its NFT projects like CryptoPunks and Bored Ape Yacht Club. In the event that other NFT projects shoot to prominence and wrestle away a significant portion of the market share from YUGA Labs, this could send $APE on a downward spiral. > 2. $APE is built on the Ethereum blockchain. While the Ethereum blockchain functions well and is reliable, its problems are well-documented: high congestion leading to high gas fees. At the point of writing, ETH gas fees are rather low due to the bear market, but they are unlikely to remain this low in the long run. In actual fact, the ApeCoin Decentralised Autonomous Organisation proposed for $APE to be migrated to other chains, but to no avail. Since even the ETH Merge won’t immediately lead to lower gas fees once completed, ApeCoin holders must keep sufficient ETH to account for the hefty gas fees. > 3. The allocation structure of $APE may not appeal to some retail investors. Although it has a substantial permanent supply of one billion tokens, only 62% of these tokens is channeled to the Ecosystem Fund. Even so, BAYC holders only get access to 150 million tokens. The remaining 38% is divided among three groups of stakeholders, with the percentage they are entitled to indicated in brackets: Yuga Labs and Charity (16%), Launch Contributors (14%), and BAYC Founders (8%). The rationale behind setting up an ApeCoin DAO to empower holders in governance polls is well-intentioned, but this begs the question: to which extent is an average $APE investor granted autonomy in the first place? ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Apecoin) to find submissions for other topics.

CointestMod

#Apecoin Pro-Arguments Below is a Apecoin pro-argument written by cryotosensei. > > Background > > ApeCoin ($APE) was an ERC-20 governance token that was launched on March 17, 2022. It is a social token associated with twoof the biggest NFT players, Bored Ape Yacht Club (BAYC) and Mutant Apes Yacht Club (MAYC). They will be used to engage these two communities and maintain dominance of the whole ecosystem. > > 1. Interestingly, $APE is not controlled by BAYC’s creator, YUGA Labs. Instead, it is operated by the ApeCoin Dao, a decentralised autonomous organization. This means that every $APE holder gets a say in deciding governance rules. Already, they have exercised their right. When YUGA Labs proposed for $APE to have its own blockchain, Layer-2/subnet, or other sidechain solution, an overwhelming majority (99.91%) of 196K ApeCoin holders voted in favour of Proposition 41 as they would rather ApeCoin remain in the Ethereum ecosystem instead of migrating to other chains. This enhances $APE holders’ sense of autonomy as they get to determine the future of their token. > 2. Besides being empowered with voting rights, $APE holders will find like they are in an exclusive club as they will get to access member perks and benefits, including access to rare merchandise, and invitations to face-to-face events. > 3. $APE offers utility as a form of currency. Firstly, this is because of the Otherside metaverse that was launched by Yuga Labs. Since $APE is employed as the standard currency in Otherside (e.g. minting of Otherside NFTs), its value soared, thus helping it to become the largest metaverse token by market capitalisation at one point in time. Plus, players of the Animoca Brands blockchain game, Benji Bananas, could use ApeCoin as an in-game currency to advance to higher levels. This applies to players of a play to earn game from nWay Play too. > > > References > https://chaindebrief.com/everything-you-need-to-know-apecoin/ > > https://decrypt.co/98829/apecoin-becomes-largest-metaverse-token-surpassing-mana-sand-axs > > https://cryptobriefing.com/apecoin-at-all-time-highs-ahead-of-otherside-nft-drop/ > > https://bit.ly/3LlxoMC > > https://www.gemini.com/cryptopedia/apecoin-ape-crypto-bayc-ape-token-crypto-yuga-labs-ape-board#section-use-cases-of-ape-coin ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Apecoin) to find submissions for other topics.

CointestMod

#NFT Con-Arguments Below is a NFT con-argument written by Maleficent_Plankton. > ####**Anti-NFT backlash** > > By now, we need accept that most communities, especially the technology and gaming communities, absolutely hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs. > > There are literally subs banning users for having a reddit avatar NFT (like the 196 subreddit) even though they were given away freely. Gaming companies like [Ubisoft were absolutely vilified](https://arstechnica.com/gaming/2022/04/ubisofts-first-nft-experiment-was-a-dumpster-fire/) when they mentioned exploring NFTs in future games. [EA had to backtrack](https://www.protocol.com/bulletins/ea-ceo-nfts-blockchain-backtrack) after their own high-profile backlash. Gamers in particular hate Pay-to-Win and Pay-to-Earn systems, which are commonly used in the design scheme for NFT-based games. > > **It's risky for companies to endorse NFTs when their customers are going out of the way to avoid them.** NFTs will likely remain a very niche product for the near future. > > ####**Does not provide direct ownership** > > NFTs are records of transactions and don't provide direct ownership. They can hold metadata, which are often just glorified links and pointers to other sources. For example, an NFT could point to the URI of an image. **But there's nothing preventing others from creating new NFTs that point to the same image. Owning the NFT does not mean you own the referenced image.** It's up to the people, communities, and front-end services involved with the NFT to recognize that the NFT represents ownership of the object it links to. > > Similarly, NFTs that point to real objects like property also have to work within the confines of the regulatory system. If the regulatory system does recognize the the NFT, then trading that NFT doesn't transfer actual property rights. In that situation, the NFT becomes an unnecessary extra step. > > There are many [stolen artwork](https://www.theverge.com/2022/5/17/23077174/deviantart-protect-nft-crypto-stolen-art-blockchain-detection) that get created as NFTs. Many projects like Bored Apes have near-identical copycats of each other. For example, the official collection of MetaWaifus is on Solana, but there are 4 other (likely stolen) collections on Polygon's PoS network sold through Opensea that are duplicates of the original. Centralized marketplaces have to spend effort blocking stolen work, and it's a complicated game of whack-a-mole. > > ####**Uses centralized front-end services** > > NFTs require front-end services to provide an interface for customers. For example, games could easily cost 10s to 100s of millions of dollars and take many years to develop. **If the centralized front-end platform goes down or chooses to no longer recognize the NFTs, it could be cost-prohibitive and time-prohibitive for the community to rebuild it.** If that happens, the NFT will become worthless. Intellectual Property rights could also prevent the objects represented by the NFTs to be re-established without considerably changing how they look or work. > > ####**Reliant on blockchains** > > NFTs are stored on blockchains, so they carry all the risks and downsides to using them. **NFTs are at risk of theft, hacks, bugs, and user errors.** If you lose access to an NFT, there is no undo button or recovery system--it's permanently lost. Users will need to become familiar with a complex system of wallets, gas tokens, safety, and will shoulder the risk of owning NFTs. > > **Networks also can have high transaction and smart contract fees** for minting and transferring the NFTs. For example, BAYC NFT's Otherside sale brought in $253M of revenue, but cost $181M in Ethereum gas fees [[Source](https://qz.com/2161193/bored-ape-yacht-clubs-nfts-cost-181-million-in-gas-fees/)]. Even on the very-cheap Polygon PoS network, it cost 0.1-0.2 cents to mint a reddit NFT. They're cheap individually, but if you need to mint and transfer millions of these for the 400M+ monthly active redditors, the costs quickly add up. > > **Most blockchains are very storage-limited**, so the objects that the NFTs represent are often stored off-chain either on centralized databases or on IPFS, leading to the additional risk of dead links. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.

Historical-Ranger988

BAYC with Gary Vee opened giveaway for their NFT's? Anyone know? Just got this as I'm whitelisted in most discord servers. If anyone interested - http://apehubs.com

Chonk-de-chonk

I'm following a 4x game being developed by people from Paradox and CCP (the latter of which created Eve: Online). It's called Civitas. I'm playing a game beta that's being added to a Michelin guide on Web3. It's called Apeiron. I'm playing a fully released farming game that currently lets you use nfts from 69 (I swear that's the real number lol) different nft projects, including BAYC. It's called Pixels. Why wait for the full release of a good crypto game? They're building, and it's been a very fun and exciting experience. Building during a bear market is a huge indicator of a project with good intentions/longevity in mind. I've spent a lot of time here trying to convince people that crypto gaming is an interesting and unique paradigm of gaming. But time and time again, people say crypto games suck and never mention a single game. I have my evidence. Where are theirs?

milehigh89

BAYC have gone from 160 ETH to now a floor of 21... Apecoin is in a downward spiral too. Nature is healing.

CointestMod

#NFT Con-Arguments Below is a NFT con-argument written by Maleficent_Plankton. > ####**Anti-NFT backlash** > > By now, we need accept that most communities, especially the technology and gaming communities, absolutely hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs. > > There are literally subs banning users for having a reddit avatar NFT (like the 196 subreddit) even though they were given away freely. Gaming companies like [Ubisoft were absolutely vilified](https://arstechnica.com/gaming/2022/04/ubisofts-first-nft-experiment-was-a-dumpster-fire/) when they mentioned exploring NFTs in future games. [EA had to backtrack](https://www.protocol.com/bulletins/ea-ceo-nfts-blockchain-backtrack) after their own high-profile backlash. Gamers in particular hate Pay-to-Win and Pay-to-Earn systems, which are commonly used in the design scheme for NFT-based games. > > **It's risky for companies to endorse NFTs when their customers are going out of the way to avoid them.** NFTs will likely remain a very niche product for the near future. > > ####**Does not provide direct ownership** > > NFTs are records of transactions and don't provide direct ownership. They can hold metadata, which are often just glorified links and pointers to other sources. For example, an NFT could point to the URI of an image. **But there's nothing preventing others from creating new NFTs that point to the same image. Owning the NFT does not mean you own the referenced image.** It's up to the people, communities, and front-end services involved with the NFT to recognize that the NFT represents ownership of the object it links to. > > Similarly, NFTs that point to real objects like property also have to work within the confines of the regulatory system. If the regulatory system does recognize the the NFT, then trading that NFT doesn't transfer actual property rights. In that situation, the NFT becomes an unnecessary extra step. > > There are many [stolen artwork](https://www.theverge.com/2022/5/17/23077174/deviantart-protect-nft-crypto-stolen-art-blockchain-detection) that get created as NFTs. Many projects like Bored Apes have near-identical copycats of each other. For example, the official collection of MetaWaifus is on Solana, but there are 4 other (likely stolen) collections on Polygon's PoS network sold through Opensea that are duplicates of the original. Centralized marketplaces have to spend effort blocking stolen work, and it's a complicated game of whack-a-mole. > > ####**Uses centralized front-end services** > > NFTs require front-end services to provide an interface for customers. For example, games could easily cost 10s to 100s of millions of dollars and take many years to develop. **If the centralized front-end platform goes down or chooses to no longer recognize the NFTs, it could be cost-prohibitive and time-prohibitive for the community to rebuild it.** If that happens, the NFT will become worthless. Intellectual Property rights could also prevent the objects represented by the NFTs to be re-established without considerably changing how they look or work. > > ####**Reliant on blockchains** > > NFTs are stored on blockchains, so they carry all the risks and downsides to using them. **NFTs are at risk of theft, hacks, bugs, and user errors.** If you lose access to an NFT, there is no undo button or recovery system--it's permanently lost. Users will need to become familiar with a complex system of wallets, gas tokens, safety, and will shoulder the risk of owning NFTs. > > **Networks also can have high transaction and smart contract fees** for minting and transferring the NFTs. For example, BAYC NFT's Otherside sale brought in $253M of revenue, but cost $181M in Ethereum gas fees [[Source](https://qz.com/2161193/bored-ape-yacht-clubs-nfts-cost-181-million-in-gas-fees/)]. Even on the very-cheap Polygon PoS network, it cost 0.1-0.2 cents to mint a reddit NFT. They're cheap individually, but if you need to mint and transfer millions of these for the 400M+ monthly active redditors, the costs quickly add up. > > **Most blockchains are very storage-limited**, so the objects that the NFTs represent are often stored off-chain either on centralized databases or on IPFS, leading to the additional risk of dead links. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.

coinfeeds-bot

tldr; The article discusses the recent performance of ApeCoin (APE) and Bored Ape Yacht Club (BAYC) NFTs. APE has experienced a significant decline of 42% in the last month and has reached a new all-time low. The BAYC NFTs have also seen a decrease in price but have rebounded slightly. Yuga Labs, the creator of BAYC, has announced a new launch date for their HV-MTL: Rift game. The game invites the Bored Ape community to forge machines and participate in duels to win prizes. Despite the launch of the game, the associated NFT collection's floor price has decreased. Overall, APE and BAYC have been affected by the volatility of the crypto and NFT markets. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

JohnyMaybach

What’s BAYC doing at this moment? Developing this great game or what ever it was?!

Historical-Ranger988

BAYC with Gary Vee opened giveaway for their NFT's? Anyone know? Just got this as I'm whitelisted in most discord servers. If anyone interested - [http://apehubs.com](http://apehubs.com/)

CointestMod

#NFT Con-Arguments Below is a NFT con-argument written by Maleficent_Plankton. > ####**Anti-NFT backlash** > > By now, we need accept that most communities, especially the technology and gaming communities, absolutely hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs. > > There are literally subs banning users for having a reddit avatar NFT (like the 196 subreddit) even though they were given away freely. Gaming companies like [Ubisoft were absolutely vilified](https://arstechnica.com/gaming/2022/04/ubisofts-first-nft-experiment-was-a-dumpster-fire/) when they mentioned exploring NFTs in future games. [EA had to backtrack](https://www.protocol.com/bulletins/ea-ceo-nfts-blockchain-backtrack) after their own high-profile backlash. Gamers in particular hate Pay-to-Win and Pay-to-Earn systems, which are commonly used in the design scheme for NFT-based games. > > **It's risky for companies to endorse NFTs when their customers are going out of the way to avoid them.** NFTs will likely remain a very niche product for the near future. > > ####**Does not provide direct ownership** > > NFTs are records of transactions and don't provide direct ownership. They can hold metadata, which are often just glorified links and pointers to other sources. For example, an NFT could point to the URI of an image. **But there's nothing preventing others from creating new NFTs that point to the same image. Owning the NFT does not mean you own the referenced image.** It's up to the people, communities, and front-end services involved with the NFT to recognize that the NFT represents ownership of the object it links to. > > Similarly, NFTs that point to real objects like property also have to work within the confines of the regulatory system. If the regulatory system does recognize the the NFT, then trading that NFT doesn't transfer actual property rights. In that situation, the NFT becomes an unnecessary extra step. > > There are many [stolen artwork](https://www.theverge.com/2022/5/17/23077174/deviantart-protect-nft-crypto-stolen-art-blockchain-detection) that get created as NFTs. Many projects like Bored Apes have near-identical copycats of each other. For example, the official collection of MetaWaifus is on Solana, but there are 4 other (likely stolen) collections on Polygon's PoS network sold through Opensea that are duplicates of the original. Centralized marketplaces have to spend effort blocking stolen work, and it's a complicated game of whack-a-mole. > > ####**Uses centralized front-end services** > > NFTs require front-end services to provide an interface for customers. For example, games could easily cost 10s to 100s of millions of dollars and take many years to develop. **If the centralized front-end platform goes down or chooses to no longer recognize the NFTs, it could be cost-prohibitive and time-prohibitive for the community to rebuild it.** If that happens, the NFT will become worthless. Intellectual Property rights could also prevent the objects represented by the NFTs to be re-established without considerably changing how they look or work. > > ####**Reliant on blockchains** > > NFTs are stored on blockchains, so they carry all the risks and downsides to using them. **NFTs are at risk of theft, hacks, bugs, and user errors.** If you lose access to an NFT, there is no undo button or recovery system--it's permanently lost. Users will need to become familiar with a complex system of wallets, gas tokens, safety, and will shoulder the risk of owning NFTs. > > **Networks also can have high transaction and smart contract fees** for minting and transferring the NFTs. For example, BAYC NFT's Otherside sale brought in $253M of revenue, but cost $181M in Ethereum gas fees [[Source](https://qz.com/2161193/bored-ape-yacht-clubs-nfts-cost-181-million-in-gas-fees/)]. Even on the very-cheap Polygon PoS network, it cost 0.1-0.2 cents to mint a reddit NFT. They're cheap individually, but if you need to mint and transfer millions of these for the 400M+ monthly active redditors, the costs quickly add up. > > **Most blockchains are very storage-limited**, so the objects that the NFTs represent are often stored off-chain either on centralized databases or on IPFS, leading to the additional risk of dead links. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.

GodCunt

I thought dog whistles were more of a BAYC thing...

Cravensworth_3dux

*At present, top-notch NFT collections like BAYC*... And that is where I stopped reading. This is a very pro nft for arts sake type of article, which is fine, except trash like bayc isn't art.

EcoFin101

Pepe, at least Apecoin is tied to BAYC and has ties to land plots in the metaverse.

TR5_

Bitboy Crypto (channel) is suing Ben Armstrong (Bitboy) for using a 'company owned' BAYC to get a $176,000 loan & also diverting $50k/month to his girlfriends company, they also allege groping & throwing protein shakes at employees

CointestMod

#NFT Con-Arguments Below is a NFT con-argument written by Maleficent_Plankton. > ####**Anti-NFT backlash** > > By now, we need accept that most communities, especially the technology and gaming communities, absolutely hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs. > > There are literally subs banning users for having a reddit avatar NFT (like the 196 subreddit) even though they were given away freely. Gaming companies like [Ubisoft were absolutely vilified](https://arstechnica.com/gaming/2022/04/ubisofts-first-nft-experiment-was-a-dumpster-fire/) when they mentioned exploring NFTs in future games. [EA had to backtrack](https://www.protocol.com/bulletins/ea-ceo-nfts-blockchain-backtrack) after their own high-profile backlash. Gamers in particular hate Pay-to-Win and Pay-to-Earn systems, which are commonly used in the design scheme for NFT-based games. > > **It's risky for companies to endorse NFTs when their customers are going out of the way to avoid them.** NFTs will likely remain a very niche product for the near future. > > ####**Does not provide direct ownership** > > NFTs are records of transactions and don't provide direct ownership. They can hold metadata, which are often just glorified links and pointers to other sources. For example, an NFT could point to the URI of an image. **But there's nothing preventing others from creating new NFTs that point to the same image. Owning the NFT does not mean you own the referenced image.** It's up to the people, communities, and front-end services involved with the NFT to recognize that the NFT represents ownership of the object it links to. > > Similarly, NFTs that point to real objects like property also have to work within the confines of the regulatory system. If the regulatory system does recognize the the NFT, then trading that NFT doesn't transfer actual property rights. In that situation, the NFT becomes an unnecessary extra step. > > There are many [stolen artwork](https://www.theverge.com/2022/5/17/23077174/deviantart-protect-nft-crypto-stolen-art-blockchain-detection) that get created as NFTs. Many projects like Bored Apes have near-identical copycats of each other. For example, the official collection of MetaWaifus is on Solana, but there are 4 other (likely stolen) collections on Polygon's PoS network sold through Opensea that are duplicates of the original. Centralized marketplaces have to spend effort blocking stolen work, and it's a complicated game of whack-a-mole. > > ####**Uses centralized front-end services** > > NFTs require front-end services to provide an interface for customers. For example, games could easily cost 10s to 100s of millions of dollars and take many years to develop. **If the centralized front-end platform goes down or chooses to no longer recognize the NFTs, it could be cost-prohibitive and time-prohibitive for the community to rebuild it.** If that happens, the NFT will become worthless. Intellectual Property rights could also prevent the objects represented by the NFTs to be re-established without considerably changing how they look or work. > > ####**Reliant on blockchains** > > NFTs are stored on blockchains, so they carry all the risks and downsides to using them. **NFTs are at risk of theft, hacks, bugs, and user errors.** If you lose access to an NFT, there is no undo button or recovery system--it's permanently lost. Users will need to become familiar with a complex system of wallets, gas tokens, safety, and will shoulder the risk of owning NFTs. > > **Networks also can have high transaction and smart contract fees** for minting and transferring the NFTs. For example, BAYC NFT's Otherside sale brought in $253M of revenue, but cost $181M in Ethereum gas fees [[Source](https://qz.com/2161193/bored-ape-yacht-clubs-nfts-cost-181-million-in-gas-fees/)]. Even on the very-cheap Polygon PoS network, it cost 0.1-0.2 cents to mint a reddit NFT. They're cheap individually, but if you need to mint and transfer millions of these for the 400M+ monthly active redditors, the costs quickly add up. > > **Most blockchains are very storage-limited**, so the objects that the NFTs represent are often stored off-chain either on centralized databases or on IPFS, leading to the additional risk of dead links. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.

diarpiiiii

Coins: BTC, ETH, ADA, DOGE, etc Tokens: Matic, Dai, USDT, Shib, etc NFTs: BAYC, Reddit Avatars, etc

mbdtf95

It's especially funny when it's about literally the same article. Like few weeks ago I posted some article about BAYC collection going down. I mean I don't care since it's not like I took any effort to copy paste the link. But what was funny that my was removed and then 3-4 hours later another user posted same link, it stayed and got like 500 points. It doesn't matter much, but yeah I can't think of a bigger example of arbitrariness when it's literally exact same link with exact same title.

MaximumStudent1839

Crypto gaming is doomed because its effort is directed to satisfy traders/degens over gamers/"normies". These participants have an insatiable appetite for price going up only. They have no taste for actual gaming content. In many ways, these participants are the OG DeFi yield farmers. They just see gaming as a new medium to expand the DeFi yield farming liquidity pool. Your idea of modding etc sound nice in practice. But once you get onto the ground, you realize most of these traders/degens have no talent/substance beyond trading. They can't create anything of worth that can interest outsiders. Most of they can do is run "crypto memes" which are basically insider jokes to outsiders. The idea of platform sounds good but it doesn't match the incentives of those VC funds/"blue chip" projects dominating the spaces' conversation. Take the example of Yugalabs. They want everything to be in their $APE ecosystem. It is the only way for them to have a use case for their shitcoin $APE to be worth anything. But who the fuck gives a fuck about Yuga's ecosystem, besides the BAYC asset holders? Most of the normies won't find it worthwhile to buy any of the overpriced Yuga assets. Now, most of Yuga asset holders are traders, not gamers. They aren't here to be customers for Yuga products. They expect Yuga to make them money. The Yuga example highlights a core problem in how "Web 3" companies operate. They focus on "exclusivity", "token gating", and "scarcity", because that is how NFT traders believe they can make money. But once you implement that, these traders pump the floor price so high, they are basically destroying any further growth of network effect. Most people don't want to pay triple price of an AAA game to buy a NFT game with questionable quality and still stuck in pre-alpha phase. So the "Web 3" gaming company struggles to scale to new users while it acquired a bunch of existing users who are only interested in price going up and refuse to support you if you can't make them money.

CointestMod

#NFT Con-Arguments Below is a NFT con-argument written by Maleficent_Plankton. > ####**Anti-NFT backlash** > > By now, we need accept that most communities, especially the technology and gaming communities, absolutely hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs. > > There are literally subs banning users for having a reddit avatar NFT (like the 196 subreddit) even though they were given away freely. Gaming companies like [Ubisoft were absolutely vilified](https://arstechnica.com/gaming/2022/04/ubisofts-first-nft-experiment-was-a-dumpster-fire/) when they mentioned exploring NFTs in future games. [EA had to backtrack](https://www.protocol.com/bulletins/ea-ceo-nfts-blockchain-backtrack) after their own high-profile backlash. Gamers in particular hate Pay-to-Win and Pay-to-Earn systems, which are commonly used in the design scheme for NFT-based games. > > **It's risky for companies to endorse NFTs when their customers are going out of the way to avoid them.** NFTs will likely remain a very niche product for the near future. > > ####**Does not provide direct ownership** > > NFTs are records of transactions and don't provide direct ownership. They can hold metadata, which are often just glorified links and pointers to other sources. For example, an NFT could point to the URI of an image. **But there's nothing preventing others from creating new NFTs that point to the same image. Owning the NFT does not mean you own the referenced image.** It's up to the people, communities, and front-end services involved with the NFT to recognize that the NFT represents ownership of the object it links to. > > Similarly, NFTs that point to real objects like property also have to work within the confines of the regulatory system. If the regulatory system does recognize the the NFT, then trading that NFT doesn't transfer actual property rights. In that situation, the NFT becomes an unnecessary extra step. > > There are many [stolen artwork](https://www.theverge.com/2022/5/17/23077174/deviantart-protect-nft-crypto-stolen-art-blockchain-detection) that get created as NFTs. Many projects like Bored Apes have near-identical copycats of each other. For example, the official collection of MetaWaifus is on Solana, but there are 4 other (likely stolen) collections on Polygon's PoS network sold through Opensea that are duplicates of the original. Centralized marketplaces have to spend effort blocking stolen work, and it's a complicated game of whack-a-mole. > > ####**Uses centralized front-end services** > > NFTs require front-end services to provide an interface for customers. For example, games could easily cost 10s to 100s of millions of dollars and take many years to develop. **If the centralized front-end platform goes down or chooses to no longer recognize the NFTs, it could be cost-prohibitive and time-prohibitive for the community to rebuild it.** If that happens, the NFT will become worthless. Intellectual Property rights could also prevent the objects represented by the NFTs to be re-established without considerably changing how they look or work. > > ####**Reliant on blockchains** > > NFTs are stored on blockchains, so they carry all the risks and downsides to using them. **NFTs are at risk of theft, hacks, bugs, and user errors.** If you lose access to an NFT, there is no undo button or recovery system--it's permanently lost. Users will need to become familiar with a complex system of wallets, gas tokens, safety, and will shoulder the risk of owning NFTs. > > **Networks also can have high transaction and smart contract fees** for minting and transferring the NFTs. For example, BAYC NFT's Otherside sale brought in $253M of revenue, but cost $181M in Ethereum gas fees [[Source](https://qz.com/2161193/bored-ape-yacht-clubs-nfts-cost-181-million-in-gas-fees/)]. Even on the very-cheap Polygon PoS network, it cost 0.1-0.2 cents to mint a reddit NFT. They're cheap individually, but if you need to mint and transfer millions of these for the 400M+ monthly active redditors, the costs quickly add up. > > **Most blockchains are very storage-limited**, so the objects that the NFTs represent are often stored off-chain either on centralized databases or on IPFS, leading to the additional risk of dead links. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.

Awkward_Potential_

I love how much people hate BAYC and Yuga just keeps on trucking.

MaximumStudent1839

Avoid CT influencers wearing a "blue chip" NFT pfp, aka Azuki, BAYC, Memeland, DeGods, Pudgy etc. A lot of them use it to flex and wield influence to get followers and scam them. While many others are just paid shillers to promote rugpulls and shit projects Oh yeah, they love to LARP about MASS ADOPTION all the while they promote projects focusing on exclusivity. They just want to suck your liquidity by making you think you are "early".

pb__

These will be BNB Chain NFTs and recently OpenSea removed trading of BNB Chain NFTs presumably because nobody traded them. They're like - gazillions of the same picture/animation but with different numbers. Nothing like CryptoPunks of BAYC for example.

andmind

In 2021 i minted a worthless BAYC copycat for 100$

Qptimised

The market is slowly learning. Just look at the buyers of BAYC suing Yuga Labs and other celebrities endorsers.

billw1zz

I think NFT’s and Tokens have had a different cycle in terms of time I think NFT’s haven’t seen there bottom yet. I’m sure some will come back, Crypto punks and more than likely BAYC. But I know shit about fuck.

Qptimised

Let's not forget that they are also getting sued by a group of people that bought BAYC and the price of the BAYC tanked.

Kindly-Wolf6919

People are probably trying to minimise their losses by DCAing but I think both BAYC and APE will die out in the next year.

MaximumStudent1839

It is an open secret these Yuga games are just another avenue for Apes to liquidate their useless Ape Coins. These BAYC Apes have no shame and openly talks about it in Crypto Twitter.

MaximumStudent1839

What people fail to realize, a lot of crypto whales got to where they are from being early, not because they are smart. In crypto, the *very* early adopters usually are either far in the left curve or far in the right curve. Now you understand why this space has so many wealthy imbeciles. It is hard for newcomers to understand it because a lot of these wealth were made back in the past. An easier to understand example is to understand the NFT market. A lot of NFT whales are made from being early in BAYC. They accumulated BAYC when it was below 1eth. For a lot of them, the last bull easily multiplied their wealth by 100x. Then they spent that money and push up the floor price of other NFTs - many have lost it by being greedy and think the NFT bubble would keep going. This is why the NFT space "loves" blue chip projects. They don't really believe in creating "value" from content. They believe in hyping the "blue chip" floor prices so the "blue chip" holders can floor their assets and pump other lower tier projects. It is basically the "BTC->Alt coin" trading flow. So you can tell the entire space is basically run by crypto traders, not real content creators.

CointestMod

#NFT Con-Arguments Below is a NFT con-argument written by Maleficent_Plankton. > ####**Anti-NFT backlash** > > By now, we need accept that most communities, especially the technology and gaming communities, absolutely hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs. > > There are literally subs banning users for having a reddit avatar NFT (like the 196 subreddit) even though they were given away freely. Gaming companies like [Ubisoft were absolutely vilified](https://arstechnica.com/gaming/2022/04/ubisofts-first-nft-experiment-was-a-dumpster-fire/) when they mentioned exploring NFTs in future games. [EA had to backtrack](https://www.protocol.com/bulletins/ea-ceo-nfts-blockchain-backtrack) after their own high-profile backlash. Gamers in particular hate Pay-to-Win and Pay-to-Earn systems, which are commonly used in the design scheme for NFT-based games. > > **It's risky for companies to endorse NFTs when their customers are going out of the way to avoid them.** NFTs will likely remain a very niche product for the near future. > > ####**Does not provide direct ownership** > > NFTs are records of transactions and don't provide direct ownership. They can hold metadata, which are often just glorified links and pointers to other sources. For example, an NFT could point to the URI of an image. **But there's nothing preventing others from creating new NFTs that point to the same image. Owning the NFT does not mean you own the referenced image.** It's up to the people, communities, and front-end services involved with the NFT to recognize that the NFT represents ownership of the object it links to. > > Similarly, NFTs that point to real objects like property also have to work within the confines of the regulatory system. If the regulatory system does recognize the the NFT, then trading that NFT doesn't transfer actual property rights. In that situation, the NFT becomes an unnecessary extra step. > > There are many [stolen artwork](https://www.theverge.com/2022/5/17/23077174/deviantart-protect-nft-crypto-stolen-art-blockchain-detection) that get created as NFTs. Many projects like Bored Apes have near-identical copycats of each other. For example, the official collection of MetaWaifus is on Solana, but there are 4 other (likely stolen) collections on Polygon's PoS network sold through Opensea that are duplicates of the original. Centralized marketplaces have to spend effort blocking stolen work, and it's a complicated game of whack-a-mole. > > ####**Uses centralized front-end services** > > NFTs require front-end services to provide an interface for customers. For example, games could easily cost 10s to 100s of millions of dollars and take many years to develop. **If the centralized front-end platform goes down or chooses to no longer recognize the NFTs, it could be cost-prohibitive and time-prohibitive for the community to rebuild it.** If that happens, the NFT will become worthless. Intellectual Property rights could also prevent the objects represented by the NFTs to be re-established without considerably changing how they look or work. > > ####**Reliant on blockchains** > > NFTs are stored on blockchains, so they carry all the risks and downsides to using them. **NFTs are at risk of theft, hacks, bugs, and user errors.** If you lose access to an NFT, there is no undo button or recovery system--it's permanently lost. Users will need to become familiar with a complex system of wallets, gas tokens, safety, and will shoulder the risk of owning NFTs. > > **Networks also can have high transaction and smart contract fees** for minting and transferring the NFTs. For example, BAYC NFT's Otherside sale brought in $253M of revenue, but cost $181M in Ethereum gas fees [[Source](https://qz.com/2161193/bored-ape-yacht-clubs-nfts-cost-181-million-in-gas-fees/)]. Even on the very-cheap Polygon PoS network, it cost 0.1-0.2 cents to mint a reddit NFT. They're cheap individually, but if you need to mint and transfer millions of these for the 400M+ monthly active redditors, the costs quickly add up. > > **Most blockchains are very storage-limited**, so the objects that the NFTs represent are often stored off-chain either on centralized databases or on IPFS, leading to the additional risk of dead links. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.

coinfeeds-bot

tldr; Almost every ApeCoin (APE) holder is at a loss, with the token down 96% from its peak in April 2022. Data from IntoTheBlock shows that 96% of APE holders, representing over 130k addresses, are in the red. The decline in APE's value has also affected its transactional activity, with active wallets down 61% in the last week and the daily transaction count crashing by 43%. One investor who bought 93,700 APE for over $2 million recently sold all holdings at $1.51 per coin, resulting in a loss of $1.5 million. APE was initially popular due to its association with the Bored Ape Yacht Club (BAYC) NFT collection, but market volatility and the poor performance of the NFT market have contributed to its collapse. APE is currently trading at around $1.46, down 96% from its all-time high. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Try our free crypto chatbot at https://chat.coinfeeds.io*

MaximumStudent1839

The problem with APE isn’t because it is a memecoin. Its problem is synonymous with rest of other staking coins. It is inflationary. The BAYC holders are using APE buyers as exit liquidity because their jpegs are highly illiquid. Don’t touch the coin if it has inflation and majority of its stakers are inclined to sell to recoup loss. The last part is especially true if a large portion of the coin was given free to select group of people who are now in heavy loss territory. That means, don’t touch anything related to BAYC and think of it as investment. You are just a exit liquidity for BAYC holders.

Pristine_Spinach8718

But what about the special parties hodlers of BAYC have access too? /s