Bill Gates on BAYC: ‘Expensive digital images of monkeys’ will ‘dramatically improve the world’

Microsoft co-founder Bill Gates, who is… according to Forbes – currently the fourth richest person in the world with an estimated fortune (as of June 20, 2022) of $121 billion, doesn’t seem to be able to see the appeal of non-fungible tokens (NFTs), like the hugely popular Bored Ape Yacht Club (BAYC), and he doesn’t seem to have changed his mind about cryptocurrencies.

Source: OpenSea

Here’s how Yuga Labs, the team behind BAYC, describe this NFT collection:

BAYC is a collection of 10,000 Bored Ape NFTs, unique digital collectibles living on the Ethereum blockchain. Your Bored Ape doubles as a Yacht Club membership card and provides access to member-only benefits, the first of which is access to THE BATHROOM, a collaborative graffiti board. Future areas and perks can be unlocked by the community through activating the roadmap...

Each Bored Ape is unique and program-generated from over 170 possible traits, including expression, headgear, clothing, and more. All monkeys are doped, but some are rarer than others. Monkeys are stored as ERC-721 tokens on the Ethereum blockchain and hosted on IPFS. (See Registration and Proof.) Buying a monkey costs 0.08 ETH.

According to a report per CNBC, Gates made his comments during a TechCrunch Conference on climate change. The Microsoft co-founder described the crypto as being “100% based on a dumber theory.”

As Wikipedia explains, in finance, the Big Fool Theory “Suggests that money can sometimes be made by buying overvalued assets – items whose purchase price significantly exceeds intrinsic value – if those assets can then be resold for an even higher price.”

Gates also took a swipe at the NFT market, sarcastically saying that “expensive digital images of monkeys” would serve to “dramatically improve the world.” His comments referred to the BAYC NFT collection, which has found a following among athletes, celebrities and other wealthy individuals.

Gates claimed he was more accustomed to trading in markets that have tangible output.

He said,

I’m used to asset classes… like a farm where they have production, or like a business where they make products.

The billionaire also claimed that he was “not involved in [crypto]“, and that he was not “long or short” on digital assets.

John C. Dent