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New video revives debate over Bored Ape Yacht Club’s alleged ‘racist’ imagery

A new video examines the alleged racist and white supremacist symbols hidden in plain sight by Yuga Labs in its most popular NFT collection.

A video released by investigative YouTuber Philip Rusnack, known as ‘Philion,’ has revived the debate over whether Yuga Labs’ flagship Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection employs racist imagery and white supremacist esotericism.

In the hour-long video released June 20 on YouTube, Rusnack laid out his case, claiming that BAYC is “one massive alt-right inside joke” using language, symbols, and memes from the anonymous image board website 4chan.

He alleged the NFT images featured racist caricatures of Black and Asian peoples and drew comparisons between the symbology and language used by Yuga Labs and the BAYC with that used by the Nazis.

For instance, an example widely used by supporters of the claims draws a comparison between the BAYC logo and the Nazi Totenkopf symbol used by the SS Panzer Division in World War II.

BAYC logo (left) alongside the Totenkopf (middle) symbol with an overlay (right) to present the similarities. Source: gordongoner.com

At the end of the video, Rusnack makes a call to action, asking his viewers to pressure BAYC NFT owners to “burn” their token in a process where the NFT is sent to an unusable and unrecoverable wallet address.

“I want every celebrity actor, athlete, and influencer to burn their f*cking ape. I want to make such a f*cking shit storm that everyone from Steph Curry to Post Malone to Jimmy Fallon is forced to act.”

The claims of racist symbology within the collection have been a hot topic on social media this year but hit the spotlight when artist Ryder Ripps published a compilation of what he claims is evidence of Nazi imagery and antisemitism in early 2022.

Ripps bought the domain gordongoner.com, the same pseudonymous moniker adopted by Yuga Labs co-founder Wylie Aronow to host a website that details numerous examples of the esoteric symbolism. The video details information acquired by Rusnack and the research conducted by Ripps.

Rusnack says in the video there is a “point at which these similarities are no longer coincidences,” adding:

“If I bring up one instance that highlights deliberate Nazi, fascist, or alt-right messaging, you may think to yourself, ‘I see it, but that's a reach.’ So I ask you: What is your number? At what point do all of these examples become crystal clear in front of your eyes?”

Without directly citing the controversy, Yuga Labs responded to some of the claims, tweeting in January that apes were used as many in crypto refer to themselves as such. Likely regarding the crypto-slang term “ape in,” used to denote when someone invests heavily into cryptocurrencies or projects with little prior research.

Addressing the BAYC logo, Yuga Labs said the purpose was to make the “club” look “ramshackle and divey” and on why they chose a skull:

“We went with an ape skull to help convey just how bored these apes are – they're 'bored to death.'”

A senior research fellow at the Anti-Defamation League’s (ADL) Center on Extremism, Mark Pitcavage, often cited as an extremism expert, said in a February interview with Input he saw no correlation between the logo and the Totenkopf and was quoted saying:

“The Nazi Totenkopf is one very specific graphic design of a skull and crossbones, and the monkey skull resembles it in no way except insofar as all skulls resemble each other to a certain degree.”

Pitcavage did agree, however, that traits and attributes of some NFTs were problematic such as the “hip hop” trait with a gold chain and the “sushi chef headband” being stereotypes of Black culture and a Japanese person, respectively.

Related: Binance embarrassed after unveiling swastika-like emoji on Hitler’s birthday

Overall though, Pitcavage and another ADL researcher Carla Hill said the research complied by Ripps doesn’t point to a specific group of extremists.

Ripps has faced allegations that his complied research is a publicity tactic to sell his own BAYC derivative NFT collection called “RR/BAYC,” featuring over 6,000 NFTs based on the original collection.

Ripps says the collection is a satire and protest aimed to educate those about the BAYC’s alleged extremist ties. However, these allegations don’t present a counter-argument to the claims presented by Ripps in his research.

Cointelegraph contacted Rusnack, Ripps, and Yuga Labs for comment but did not hear back before publication.

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NFT flipping not so profitable for more than half of buyers: Survey

Though a majority are down on their NFT purchases, there are signs which point to a healthy and robust market in the long term.

With the surging popularity of nonfungible tokens (NFTs), many have taken to “flipping” these assets as a trading strategy. Around 64% of people in a recent survey said their top reason for buying an NFT was “to make money.”

Blockchain monitoring software company DEXterlab polled more than 1,300 people on Twitter about their NFT buying habits from late May to early June. Despite a majority looking to gain from NFT trading, less than 42% have made a profit so far, according to the results.

The second most cited reason for buying an NFT saw around 15% respond that it was to be part of a community and “to flex.”

“People are highly social creatures, so the desire to be a part of a community and show off isn’t really surprising,” DEXterlab wrote.

The team highlighted the success of the Bored Ape Yacht Club (BAYC), which has celebrities among its ranks along with exclusive perks like access to holder-only events or new popular NFT drops.

Though some NFT collections, such as those of the BAYC, can often see floor prices in the tens or hundreds of thousands, almost half of respondents said they were only comfortable paying a modest price of between $50 to $500 for an NFT.

Surprisingly, the second most popular answer had a quarter of respondents saying they are ready to spend in the upper limits of the poll, more than $2,000 per NFT.

Over the past 30 days, some of the largest “blue chip” NFT collections such as CryptoPunks, Mutant Ape Yacht Club (MAYC), BAYC and Moonbirds have seen their floor prices or market caps halve. In spite of this, these collections have continued to top the charts for the top NFT sales over the same period.

Though NFT prices have fallen across the board, there are still examples of NFTs that have defied the prevailing bear market.

Recently, a free-to-mint collection with no utility or roadmap called Goblintown topped the charts and has since remained in third place over 30 days seeing nearly $70 million in volume.

Currently, the collection has a floor price of 3 Ether (ETH), or around $4,000 at the time of writing, and the most expensive one sold netted 77.7 ETH on June 1, worth nearly $151,000 at the time.

Related: NFT holders can earn millions through IP rights, says Apocalyptic Apes founder

Other signs point to a healthy market for those still holding out to profit from their NFT buys. Sales volumes for NFTs came in at $3.7 billion last month despite the market conditions, according to a recent DappRadar report.

The report also revealed that Solana NFTs posted their best trading month in the network’s history, generating $335 million in volume across all marketplaces — a 13% growth from April.

NFTs continue to create a robust market for themselves and widespread mainstream adoption looms. According to a CoinGecko report, the NFT market is projected to transact more than $800 billion over the next two years, though hodlers will need to wait a little longer to realize their profits. 

Bitcoin Technical Analysis: BTC’s Short-Term Correction—What the Charts Reveal