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The problem with BAYC’s smart contract function is raising the red flag

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Recently, some Twitter users tweeted that the smart contract functionality around BAYC is not consistent and is causing a drop. Typically, the BAYC function allows unlimited volumes of new apps meaning for specific private key holders.

So, what exactly is the effectiveness of BAYC Smart Contract? Find out:

The nature of a smart deal

To understand the cause of concern that is closely related to the BAYC smart contract function, you should have a preliminary idea of ​​what constitutes a smart contract. In layman’s terms, a smart contract refers to a stored digital contract in the form of a code that is stored on a blockchain network. Once a user meets the predefined conditions, it triggers automatic execution of the agreement.

The truth is that smart contracts are carefully designed to automatically meet the terms of a contract between the parties involved. In the case of NFT, token information such as identity, transaction and ownership details are stored in a secure fashion in a smart contract. Keep in mind that most NFT smart contracts have pre-established rules for trading NFT.

So, what’s the problem?

Okay, there’s a personal key that can mint many new boring apps at any time now. And if the deal owner becomes a fish or hack, you are bound to see thousands of new cast-off boring apps on the market.

Once the BAYC smart contract function came into the spotlight, it was only a matter of time before it came to the attention of NFT owners and crypto investors. Indeed, investors in the crypto community immediately responded to the problematic story of Minted Board apps.

One user was able to highlight that the crypto wallet was active on February 3, 2022. This means that the wallet can change the metadata of each monkey at random. Also, members of the crypto community took a stand to call Yuga Labs, which serves as the parent company of Board Apps.

In fact, users have raised concerns that the Apes Collection Company has handled the situation in a way that manages their disagreements. And that’s because the board’s Discord channel was breached so long ago that it compromised with the million-dollar NFT. Surprisingly, Board Apps is not alone – other NFT projects are experiencing the same smart contract performance issues.

Pairs for effect

All of this indicates that the issue of smart contract functions can have a direct negative impact on NFT owners and means that the wallet is at risk for hacking. It is important to understand that the value of annoying apps offers their uniqueness and rarity. If a lot of new NFTs are minted and dumped, this will reduce the value of NFTs on a large scale.

In fact, the crypto community agrees that creating a new line of apes would lower the value of annoying apes. Some suggest that newly minted apps may become even more valuable than the original-minted collection. However, when it comes to NFTs, there is no guarantee.

The official word from BAYC is that they will soon revoke access and ownership Alas. This may come as a surprise, but BAYC has not yet revoked ownership.

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https://blog.indiablogger.in/the-problem-with-baycs-smart-contract-function-is-raising-the-red-flag/

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