There's Something Off About ApeCoin

ApeCoin DAO allows Yuga Labs to talk up the virtues of decentralization — community governance, interoperability, democratizing access to those very expensive Bored Apes — while also enjoying the benefits of centralization (keeping the community at arm’s length; collecting all the profits).

The arrival of blockchains over the past decade created a new option for impatient VCs. Companies in the Web 2.0 era produced only goods and services, whose value was always denominated in dollars or other national currencies. But companies in the web3 era offer a third product — tokens — and the value of those tokens is far less tethered to realit... See more