Buterin Thinks Yuga Labs’ Apes Are Being Overhyped As a Use Case in Gaming

As Yuga Labs prepares to take the big leap into the metaverse, Ethereum founder Vitalik Buterin thinks the blockchain company’s Ape use case may be overrated.
Image source: CNBC

Quick take: 

  • Vitalik Buterin has dismissed BAYC’s metaverse tease.
  • The Ethereum founder thinks Yuga Labs’ monkeys are extremely overvalued to be used in a video game.
  • The company recently revealed its grand metaverse plan that involves venture ing into the world of gaming.

Vitalik Buterin is one of the most vocal supporters of cryptocurrency. The Ethereum founder has gained popularity over the years earning the nickname “crypto prince”. In his latest comments, Buterin has highlighted Yuga Labs’ plans to launch gaming projects as an unrealistic venture.

The blockchain company recently teased its BAYC metaverse plans for an immersive virtual world called the “Other Side”. The company is launching a grand plan that will cover multiple Web3 projects, including virtual events and gaming.

However, with some of the company’s digital ape avatars going for millions of dollars, Buterin thinks it is impossible to build a gaming ecosystem based on characters that will require users to spend millions to acquire them.

Speaking to TIME magazine in a recent interview, Buterin said “the peril is you have these $3 million monkeys, and it becomes a different kind of gambling.”

To add context to his statement, Buterin pointed out how the crypto industry demonstrated the potential impact it could make on the world. Since Russia invaded Ukraine, donors have turned to cryptocurrencies and non-fungible tokens to support the war-torn nation.

“One silver lining of the situation in the last three weeks is that it has reminded a lot of people in the crypto space that ultimately the goal of crypto is not to play games with million-dollar pictures of monkeys, it’s to do things that accomplish meaningful effects in the real world,” Buterin added.

However, while the Ethereum founder’s comments regarding the donor efforts are to be applauded, some blockchain gaming enthusiasts may argue that crypto is having as much a positive impact on gaming.

The concept of decentralisation ensures that gamers are not just important when it comes to making money for the game developer. For instance, Yuga Labs’ BAYC has formed the Apecoin DAO, a division of the organisation that allows members to vote on key decisions about the future of the Ape ecosystem. 

This allows gamers to be involved in deciding which games are introduced to the BAYC metaverse and gaming features added, among others. They also earn rewards for their gaming activity, thereby becoming part of the revenue sharing model the company uses to compensate its shareholders.

Buterin may also be right about the feasibility of using a $3 million character in a video game. But then again, that’s what makes it more exciting knowing that depending on the depth of your pockets, you stand a chance of using exclusive characters in a gaming ecosystem with millions of users.

Moreover, Given Yuga Labs’ acquisition of Cryptopunks and Meebits from Larva Labs, the company is already expanding its portfolio of potential gaming characters.

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