BlockchainCrypto

Cryptocurrency Bigwigs Don’t Think NFTs Will Last For Long

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NFTs
Image coutesy Sipa Asia/Shutterstock

Blockchain has proven to be one of the fastest-growing pieces of modern-day tech. This was proven by the spiking value and popularity of cryptocurrency and the emergence of NFTs (non-fungible tokens) that took over the world since last year.

But like virtual currencies, NFTs have sparked polarising opinions with many thinking that they will be the future of art. To others, this is simply a phase that will soon fade away. The latter is the opinion of Fred Ehsram, the co-founder of crypto exchange platform Coinbase.

Mr Ehsram definitely looked to stir up some reaction from NFT fans and investors saying that 90% of the NFTs will be of no worth in the next three to five years. “I go so far as to say that 90% of NFTs produced, they probably will have little to no value in three to five years,” said the former Goldman Sachs foreign exchange trader.

Speaking to Bloomberg TV, Ehsram added he personally doesn’t see the difference between NFTs and other crypto projects that were born out of hype overnight.

“People are going to try all sorts of things. There’ll be millions and millions of cryptocurrencies and crypto-assets, just like there were millions and millions of websites. Most of them won’t work,” Ehrsam said.

This could have been seen as an indirect at currencies like Dogecoin but he went ahead to advocate for the ShibuInu dog-faced coin saying that people shouldn’t dismiss it. “If crypto has taught us anything, it’s never to dismiss a good meme that couldn’t later manifest into more concrete progress.”

There is no telling whether he spoke that way about NFTs out of experience or as a dig at the tech that has presented itself as a blockchain-based rival. What is clear is that NFT mania still continues to take the world by storm with more and more artists uploading their work and setting them up for auctions. And as someone like the famous Beeple can tell you, there are people out there willing to pay millions of dollars just for an image.

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