Developer NFT Foobar drew attention to Bored Ape Yacht Club a smart contract feature that will allow one wallet without multi-signature to mint an unlimited number of new monkeys.
There is a single private key that can be used to create an infinite number of new OGs. @BoredApeYC Anytime.
If the owner of the contract for the token (a personal wallet, not a multisig) is hacked or phished, you could see thousands of new bored monkeys being minted and thrown onto the market. pic.twitter.com/CLZGaDz1Yx
— Foobar (@0xfoobar) June 5, 2022
The contract allows the wallet to mint 30 Bored Apes NFT coins at a time and there is no limit to the number of mints. The wallet can continue to mint Bored Apes indefinitely as long as it can pay the gas fee.
Bored Ape has been refusing to film for over a year
This issue has been raised before but BAYC has not yet taken any action.
Hey thanks, we just talked about this. Obviously we will never call this function again and plan to take ownership in the next day or two.
— Bored Ape Yacht Club (@BoredApeYC) June 2, 2021
In 2021, NonFungibles founder Dan Kelly inquired about BAYC’s plan for the feature. BAYC said it would revoke access soon, but after more than a year, nothing has changed.
The crypto community is reacting
Members of the crypto community reacted to the news that new Bored Apes may appear.
The external single-signed account that has the right to create an arbitrary number of monkeys, 0xaBA7161A7fb69c88e16ED9f455CE62B791EE4D03, is still active. last transaction was 16 hours ago
— Suzuha ⚡🌙 (@dystopiabreaker) February 3, 2022
One user indicated that the wallet was still active as of February 3, 2022, showing that the wallet can “arbitrarily change the metadata associated with each existing monkey.”
Another member of the community took the opportunity to troll Yuga Labs, the collection’s parent company, stating that they would solve the problem “just like they take good care of their strife.”
The Bored Ape Discord channel was violated recently, resulting in the loss of millions in NFTs.
Don’t worry daddy south will take care of the key like they take care of their strife 💪
— 𝕊.Clark ⚛️🌎🌑 (@LuizClarke) June 5, 2022
Meanwhile, Bored Apes is not the only NFT project with this feature. Software Engineer Ethan Hunsaker, indicated a similar function in the Doodles smart contract.
What is the effect of this?
Most of the concerns about the functions of the contract are related to what might happen if the wallet is hacked. Since one of the advantages of Bored Apes NFTs is scarcity, the ability to create an unlimited number of new NFTs can affect their value.
Chainfrog CEO and Founder Keir Finlow-Bates recently wrote that creating new monkeys might lower the cost, but it doesn’t have to. He added that the new monkeys could potentially become more valuable than the originals.
Credit : cryptoslate.com