{"id":14189,"date":"2022-09-25T22:15:49","date_gmt":"2022-09-25T22:15:49","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/throw-your-bored-apes-in-the-trash\/"},"modified":"2022-09-25T22:15:51","modified_gmt":"2022-09-25T22:15:51","slug":"throw-your-bored-apes-in-the-trash","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/throw-your-bored-apes-in-the-trash\/","title":{"rendered":"Throw your Bored Apes in the trash"},"content":{"rendered":"
It\u2019s time to move on from the Bored Ape Yacht Club. They\u2019re bad for nonfungible tokens (NFTs). They give critics ammo and distract from the technology, which is where the real value lies.\u00a0<\/p>\n
For those on the outside looking in, NFTs are nothing more than overpriced monkey JPEGs. Or whichever choice of animated animal profile picture is in the firing line.<\/p>\n
NFTs, of course, are much more than that. <\/p>\n
But, because of Bored Apes, and the countless imitations they\u2019ve spawned, NFTs are getting a bad rep. \u201cBubble,\u201d \u201cmoney laundering\u201d and \u201cscams\u201d are all terminology associated by critics with the new \u201cBeanie Babies craze.\u201d<\/p>\n
It\u2019s a disparaging distraction.<\/p>\n
Related: Bored Ape Yacht Club is a huge mainstream hit, but is Wall Street ready for NFTs?<\/em><\/strong><\/strong><\/p>\n Yes, Bored Apes are still priced at more than $100,000 (a fifth of what they were worth at the market\u2019s peak). But, they\u2019re tied to the tumult of cryptocurrency volatility and market sentiment, which has fallen along with the tumbling crypto market.<\/p>\n You also have Ape-backed borrowers on the verge of liquidation and 143 Apes already stolen, including Seth Green\u2019s Bored Ape, which he was forced to pay to get back. And, of course, there are also the fans who slammed Eminem and Snoop Dogg when they performed as their apes at the latest VMA awards. <\/p>\n Bored Apes are the face of the NFT hype cycle. They might be the closest thing to aforementioned Beanie Babies in the NFT space because of their status. But, there\u2019s a categorical mistake with painting an entire industry with the same brush: The hype is not the technology. <\/p>\n If you look past what\u2019s on the market, you\u2019ll find unique ideas with real-world value.<\/p>\n Here\u2019s one: carrying medical data. Researchers at Baylor College of Medicine have suggested that NFT ownership powered by smart contracts could provide citizens control of who accesses their personal health records. Citizens already give up their information to medical applications, but smart contracts could allow them to sell their data as NFTs if they choose. <\/p>\n Hospitals and private institutions routinely sell patients\u2019 data via so-called data brokers to companies like Pfizer \u2014 it\u2019s a multibillion-dollar industry. This might seem harmless, but you never agreed to it. Maybe you wouldn\u2019t have if you knew how much your data was worth.<\/p>\n Related: <\/em><\/strong>A cure for copyright ills? NFTs promise to empower creative economies<\/em><\/strong><\/p>\n Selling or securing your data as an NFT could become a real option, as long as the right hack-prevention measures are in place. Adding encryption to NFTs can keep content private while also enabling it to remain in public storage.<\/p>\n Another service NFTs can perform: streamlining royalty payments. Artist resale royalty rights haven\u2019t been codified into U.S. law \u2014 only proposed. The EIP-2981 royalty standard made this a coding choice on Ethereum, leading the way for Polygon and other chains. <\/p>\n