Quick take:
- Yuga Labs has removed a code that allowed the creation of an unlimited supply of Bored Apes.
- However, the organisation has now revoked that option limiting the number of Bored Ape NFTs that can be minted.
- The company first announced plans to remove the code more than a year ago.
Yuga Labs on Wednesday announced that it has removed the code that allowed it to a mint an unlimited number of the Bored Ape Yacht Club non-fungible tokens (NFTs). The announcement comes more than a year after the company first revealed it was going to remove it.
It also comes at a time when NFT prices are plummeting. Yuga Labs’ own BAYC floor price fell to 90 ETH, after hitting new all-time highs of about 152 ETH according to a dashboard prepared by @sealaunch on Dune Analytics.
NFTs are one-of-a-kind digital items that provide proof of ownership to a digital file like JPEG, video clip, music or artwork.
Popular NFT collections like the BAYC have varying prices for each NFT, which are determined by certain characteristics such as rarity. The ability to mint unlimited Bored Apes technically left the door open to potentially dilute the rarity of NFTs contained in the collection.
Therefore, the removal of the code that allowed Yuga Labs to mint an infinite supply of Bored Ape NFTs could be construed as a positive step by collectors to secure their rarity.
The code was also seen as a potential hack vulnerability, which could have been exploited by hackers to create new Apes.
Commenting on the revocation of the option of minting infinite Bored Apes, Yuga Labs co-founder and developer known as EmperorTomatoKetchup posted on Twitter saying: “The contract owner has now been burned. While we’d been meaning to do this for a long time, we hadn’t out of an abundance of caution. Felt comfortable doing it now. All done.”
EmperorTomatoKetchup and Gargamel, also a Yuga Labs co-founder provided evidence of the action via an Etherscan link confirming the deletion of the code at 7:07 p.m. ET on June 7.
Bored Ape NFT holders now may be able to breathe a sigh of relief. The BAYC collection had become a major target of hackers looking to exploit the weakness created by the now-deleted code.
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