It’s time to leave the Bored Ape Yacht Club. They are bad for non-fungible tokens (NFTs). They give critics ammunition and distract from the technology, where the real value lies.
For those looking in from the outside, NFTs are nothing more than overpriced monkey JPEGs. Or whatever animated animal profile picture is in the line of fire.
NFTs are, of course, much more than that.
But because of Bored Apes and the countless imitations they’ve spawned, NFTs get a bad rap. “Bubble,” “money laundering,” and “scam” are all terms critics have linked to the new “Beanie Babies craze.”
It’s a demeaning distraction.
Related: The Bored Ape Yacht Club Is a Big Mainstream Hit, But Is Wall Street Ready for NFTs?
Yes, Bored Apes still cost more than $100,000 (a fifth of what they were worth at the peak of the market). But they are associated with the turmoil of cryptocurrency volatility and market sentiment that have fallen along with the crypto market slump.
They also have Ape-backed borrowers who are about to go into liquidation and 143 Apes that have already been stolen, including Seth Green’s Bored Ape, which he was forced to pay to repay. And of course there are the fans who banged on Eminem and Snoop Dogg when they acted as their monkeys at the last few VMA awards.
Bored Apes are the face of the NFT hype cycle. They might be the closest thing to the aforementioned Beanie Babies in the NFT space because of their status. But painting an entire industry with one brush is a categorical mistake: the hype isn’t the technology.
If you look beyond what’s on the market, you’ll find unique ideas with real value.
Here’s one: carrying medical records. Baylor College of Medicine researchers have suggested that NFT ownership, based on smart contracts, could give citizens control over who accesses their personal health records. Citizens are already sharing their information with medical applications, but smart contracts could allow them to sell their data as NFTs if they choose.
Hospitals and private institutions routinely sell patient data through so-called data brokers to companies like Pfizer – a multi-billion dollar industry. This may seem harmless, but you never consented to this. You might not have it if you knew how much your data is worth.
Related: A Cure for Copyright Disease? NFTs promise to empower creative economies
Selling or securing your data as an NFT could become a real option as long as the right measures are taken to prevent hacking. Adding encryption to NFTs allows content to remain private while remaining in public storage.
Another service that NFTs can provide: rationalization of royalties. Artist resale royalties have not been codified into US law, only proposed. The EIP-2981 license standard made this an encoding option for Ethereum and pioneered Polygon and other chains.
With improved security and the versatility of NFTs, private documents can be airdropped into users’ wallets. These can be legal documents served by law firms or title deeds. Hypothetically, we could see an employment contract on the blockchain connected to decentralized financial payment protocols to provide salaries based on tasks completed.
Despite the endless cries of “Wen Utility” echoing through NFT communities, the utility was always there: a token on the blockchain is verified, promising interoperability via a self-executing, hard-coded agreement. It’s the gateway to digital and physical real estate and on-chain gaming experiences, or any content your digital identity unlocks.
Related: Prepare for federal authorities to begin prosecuting NFT traders
It’s still growing. Ten times more Ethereum wallets hold an NFT on the NFTGo trading platform compared to August 2020. Doodles just raised $54 million to boost their IP. build creators. And many veteran underground artists are doing more now than ever before.
NFT art has turned the traditional art industry on its head. Not only because of the headline-grabbing numbers, but also because of the promise of origin. While profile pictures stole the show, technology came first and will thrive without their Bored Ape counterparts.
It might also be better to leave the term “NFTs” in the past as a genre defined only by a finite boom-and-bust cycle and move on to “digital collectible,” a term some started have to use.
Some sort of split is inevitable – and healthy – to free builders from the burden of inflated expectations, market slumps and celebrity greed.
If you still don’t see the value, you might still have Bored Ape glasses. take them off There are a number of use cases for NFT technology.
O.C. Ripley is the lead content creator for Curio DAO, an NFT community on the Ethereum blockchain. He is also editor-in-chief at Tech & Authors and has been active in the blockchain sector since 2017.
The author who revealed his identity to Cointelegraph used a pseudonym for this article. This article is for general informational purposes and should not be construed as legal or investment advice. The views, thoughts, and opinions expressed herein are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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