The BAYC NFT collection has experienced several criticisms and controversies surrounding its creation and its legitimacy as an investment asset. The trendy Bored Ape NFT collection is all over the internet. Major celebrities like Justin Bieber bought around US$1.3 million worth of Bored Ape NFTs. But not everyone is about the hype in the crypto market! Recently, Yuga Labs, the company that launched the BAYC and its associated cryptocurrency Apecoin addressed the rumors around its alleged connection with racist and Nazi affiliation. The company denied such rumors and denoted them as 'crazy defamation' and 'bullshit'.
The company clarified that the term 'Ape' is being used by argumentative critics to classify and defame Bored Ape as 'racist'. In addition, the company claims that there are several other NFT platforms that are using apes as a part of their iconography. Yuga Labs confirmed that it was not the team's intention to make its NFT collection too critical as its investment asset, but the main rumors around the crypto revolved around the use of apes in its iconography.
Since its inception, the Bored Apes collection has drawn intense amounts of outrage and scepticism from various corners of the internet and the art world. Owners of the artworks have also come under intense fire from tech and investment experts and have joked about their lack of understanding regarding NFTs and investments. Currently, the BAYC collection is also facing accusations of neo-nazism.
Apecoin is among the top cryptocurrencies that rose to fame when the crypto market dipped and almost all other cryptocurrency prices plummeted. The NFT collection and its sister crypto token intensely yielded massive amounts of profits, but these biased classifications, rumors, and controversies might make things even more difficult for the BAYC ecosystem to stand up against all the malicious statements against it.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.