There's something off about ApeCoin - The Verge

One of the most famous web3 projects is the Bored Ape Yacht Club (BAYC), a collection of whimsical NFTs created by a company called Yuga Labs. It just raised $450 million — and almost simultaneously, created billions more out of thin air.

Tokens promise to decentralize the web. So why are insiders reaping most of the profits? If you buy something from a Verge link, Vox Media may earn a commission. See our ethics statement. Image: A… [+8460 chars]

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