- Bored Ape Yacht Club (BAYC) faced viral criticism over the weekend regarding security vulnerabilities and questionable expenditures.
- Critics highlighted that BAYC has spent approximately $500 million on an unreleased Metaverse instead of creating physical club locations.
- The floor price of BAYC NFTs has plummeted 95% from its peak of $436,000 in May 2022 to about $23,700 currently.
The Bored Ape Yacht Club (BAYC) community faced renewed public scrutiny over the weekend as multiple viral critiques about security vulnerabilities and wasteful spending garnered hundreds of thousands of views across social media platforms. Critics particularly focused on the project’s unreleased metaverse, declining NFT values, and members’ susceptibility to scams.
A viral post highlighting the numerous thefts targeting BAYC holders gained significant traction online. The critique mocked holders who fell victim to obvious phishing attempts, with thousands of users engaging with content that ridiculed BAYC members for entering private keys on suspicious websites.
These security incidents reflect a pattern where BAYC members have repeatedly fallen victim to scams through clicking malicious links, visiting fraudulent websites, and believing fake messages about airdrops or token migrations. Poor operational security practices among BAYC holders have become a recurring joke within the broader cryptocurrency community.
Half a Billion on Virtual World with Nothing to Show
Another critique that went viral questioned why BAYC spent an estimated $500 million developing an unreleased metaverse instead of creating physical club locations for a fraction of that cost. The tweet by user Cole (@ColeThereum) received over 300,000 impressions and hundreds of supportive comments.
“This is lowkey facts,” responded one user, while another stated the metaverse project “will never see completion.” A third commenter added, “I’ve been saying this for years, and I will keep saying it.”
Dramatic Value Decline Continues
The financial impact on BAYC holders has been substantial. According to data from OpenSea, the floor price for BAYC NFTs has fallen to under 14.5 ETH, representing a severe drop from their May 2022 peak of 153 ETH per NFT.
In dollar terms, this collapse equates to a 95% decrease in value, with the minimum price for a Bored Ape plummeting from $436,000 to approximately $23,700. This dramatic decline has intensified criticism of the project’s management and long-term viability.
The continued negative sentiment surrounding BAYC comes amid broader questions about the sustainability of high-priced NFT projects and their ability to deliver meaningful value to holders beyond speculative trading.
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