The Ethereum co-founder warns sternly against NFTs as the price of Bitcoin, Cardano, Solana and Dogecoin suddenly surges.

The NFT boom has rocketed the price of ethereum, on which most NFTs are based, and helped ethereum rivals such as BNB, cardano and solana soar. NFTs from one collection, the Bored Ape Yacht Club, trade for a minimum of about $300,000, according to NFT exchange OpenSea, and include celebrities such as Jimmy Fallon, Serena Williams and Paris Hilton among their owners.

Mr. Buterin warned that he sees “a lot of dystopian potential” in cryptocurrencies, citing the Bored Ape Yacht Club NFT collection in particular: “You have these $3 million monkeys and it’s going to be a different kind of game.”

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Vitalik Buterin helped create ethereum in 2013 after discovering bitcoin and staying strong…. [+] involved in the project when the prices of Ethereum and Bitcoin skyrocketed.

“Crypto itself has strong dystopian potential if poorly implemented,” Buterin told Time magazine in a lengthy interview, pointing to astronomical transaction costs and ostentatious displays of wealth. First investors in bitcoin, ethereum, cardano and solana.

“The danger is you have these $3 million monkeys and it becomes a different kind of game,” he said. “There are certainly a lot of people who just buy yachts and Lambos.”

The meteoric rise in cryptocurrencies that propelled the price of bitcoin, ethereum, solana, cardano, dogecoin and other coins to record highs last year has turned many developers and traders into millionaires overnight, with the combined value of the cryptocurrencies market reached $3 trillion by the end of 2021.

NFTs are blockchain-based crypto assets that represent a digital asset such as a piece of media, image, video, or even countries in virtual worlds. Total NFT sales rose to $25 billion in 2021, according to data from DappRadar, the market tracking agency, but sales have so far slowed in 2022.

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The Ethereum price has stagnated in recent months after a massive rally in 2021 that saw…. [+] bitcoin, solana cardano, dogecoin and many other cryptocurrencies achieve triple-digit win rates.

“Ultimately, the purpose of crypto is not to play games with million dollar monkey images, but to do things that have meaningful effects in the real world,” he said. buterin. “If we don’t use our voice, the only things that get built are the ones that are immediately profitable. And these are often far from what is really best for the world. †

After the interview was published, Buterin clarified some of his comments by posting on Twitter: “I don’t hate monkeys, I just want them to fund public goods.”

This week, the price of Ethereum soared above USD 3,000 as traders watched for an impending update that many believe could see the coin move higher.

“Markets may realize in the coming months that Ethereum is poised to become a global asset as adoption hits the leaky speed, the transition to proof-of-stake transforms the flow of money into generating real revenue, and the environmental problems disappear. Jamie Douglas Coutts, senior market structure analyst at Bloomberg Intelligence, said in an emailed note.

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