Supposedly “decentralized” systems continue to centralize, and the VC firms behind Yuga Labs are poised to expand their NFT monopoly even further. It’s the Apes’ world. Opinion. lil_smush on Yuga Labs’ othersidemeta land sale for The Node newsletter.
The result is that Otherside effectively comes with a baked-in class of landed elites. Staking a claim in Yuga Labs’ metaverse was far easier for a Bored Ape owner than for any other variety of NFT whale; for traders without hundreds of thousands of dollars already invested in this space, it was nearly impossible.
The decision to conduct Saturday’s sale in ApeCoin also meant that prospective investors had to load up on the coin in advance of the sale, resulting in a literal pump and dump: the price of a single ApeCoinYuga Labs’ response to the chaos was to propose abandoning Ethereum entirely. It’s ironic for a few reasons, the first of which has to do with the idea that Yuga Labs would “like to encourage” the ApeCoin DAO to start thinking about working on its own blockchain, as opposed to building its own blockchain outright.
And even though Yuga Labs can’t just tell the ApeCoin DAO to do something, it can probably still get its way, thanks to the enormous amount of voting power it exerts over DAO proposals.
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