High concern about the future of NTFs and blockchain technology showed Vitalik Buterin, a renowned programmer, co-founder of Ethereum and Bitcoin Magazine. He is also one of the most influential people in the world of cryptography.
(Read: Moody’s downgrades debt from El Salvador, a country where bitcoin is legal).
“It’s not about playing with pictures of monkeysButerin told ‘Time’ magazine about the Bored Ape Yacht Club collection. From his perspective, it’s important that crypto assets are used to do important things in the real world.
“Cryptocurrencies themselves have a lot of dystopian potential if implemented poorly,” the expert said. Currently, the Ethereum platform uses ether (ETH) as its native currency, which is the second most important cryptocurrency in the world after bitcoin.
Your concern arises from malicious actions in the world of crypto assets. Buterin says that there are investors who are very concerned about openly displaying their wealth. The expert insists that in this market there are more and more people who enter only for the generation of returns.
One example of this, he told Time, is some NFTs, that without having any real profit, are traded above 1 million dollars.
For this reason, he wants his company to be a “a counterweight to authoritarian governments and remove Silicon Valley’s stranglehold on our digital lives“.
Now, the businessman speaks of a ‘dystopian potential’ in the world of cryptocurrencies. Which leads to a main danger of losing large amounts of money. For him, it is not possible to create an industry just thinking about immediately profitable.
According to him, it is important for the community to focus on changing the mindset of the market. In this way, prioritize the use of technology through transparent voting systems, universal basic income, urban planning and others.
(Also: They launch a campaign to democratize the crypto world in Latin America).
Finally, the Russian expert clarified to Time that it is now more important to have practical applications of this technology so as not to reach a general ban.