Fri. Jul 1st, 2022

Time Magazine has declared that it will start receiving ApeCoin, the Ethereum-based ERC-20 token issued by the creators of the Bored Ape Yacht Club collection of non-fungible tokens, in the upcoming weeks, according to a declaration published on Twitter.   

The iconic magazine initially made its potential to pay for digital subscriptions with Bitcoin and other Cryptocurrencies, such as containing XRP, Ether, and Dogecoin, last April.

A year ago, Time Magazine also auctioned 1.5 billion of its most striking covers as non-fungible tokens. It also decided to hold Bitcoin on its balance sheet after associating with Grayscale, a secondary of Digital Currency Group.

Earlier this week, the 98-year-old publication issued its first concern as an NFT. Ethereum co-founder Vitalik Buterin dignified its cover. In a wide-ranging interview, the programmer plans his main concerns about the crypto industry, appealing that it might turn into a dystopia directed by nefarious overzealous actors.              

The spoken Cryptocurrency was airdropped to the owners of Bored Ape Yacht Club on Thursday.

It also started trading on main Cryptocurrency exchanges such as Binance and Coinbase. The token went haywire in the first hours of trading: after bouncing to $39.40 it then crashed to $8.90.

The Cryptocurrency residues are highly volatile. According to data offered by CoinMarketCap, it is down 25.23 percent over the last 24 hours, presently trading at $10.42. The Ethereum-based token is now valued at $2.9 billion, which makes it the 46th biggest Cryptocurrency by market cap.

Succeeding the launch of ApeCoin, the Cryptocurrency that was airdropped to BAYC NFT users, some speaks that venture capital firms and the likes of Andreessen Horowitz profited the most from the token launch, which emphasized the centralization of crypto.

Flick has worried that most people are left “holding the bag” in crypto, while early buyers are among the only beneficiaries. 

Earlier this month, Yuga Labs also obtained the CryptoPunks collection from Larva Labs. The fact that one centralized object controls the two most popular NFT collections started a wave of criticism from those who are worried that Web3, the term that refers to the next repetition of the internet, is not even remotely as decentralized as it is supposed to be.

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