Fred Ehrsam, Co-Founder of the cryptocurrency exchange platform Coinbase has revived the hornet’s nest after he simply stated that 90 percent of NFTs (invisible tokens) will not be important in the next three to five years.
Ehrsam’s criticism of the NFTs comes at a time when the digital asset class has created excitement and its popularity swept the world.
A former Goldman Sachs foreign exchange trader made similar comparisons between early Internet companies from the late 1990s and the NFTs said, “I go on to say that 90% of NFTs produced, may not be profitable in three to five years.”
In an interview with Bloomberg TV, Ehrsam said to him there was no significant difference between NFTs and other crypto-born crypto projects overnight.
“People will try all sorts of things. There will be millions and millions of cryptocurrensets and crypto assets, just as there have been millions and millions of websites.
Most of them will not work, ”said Ehrsam. Speaking on digital currencies, Ehrsam added that people should not give up Dobacoin against a dog target – a digital currency that has taken the popularity of the cryptocurrency market to a whole new level.
“Once crypto has taught us anything, there will never be a dismissal of a good meme that could later appear to be more advanced,” said the 33-year-old investor.
Despite the concerns raised by Ehrsam, NFT mania has hit the ground running, especially last year or so.
Recently, the first non-fungal (NFT) token ever created – a digital pixel figure known as CryptoPunk – sold at Sotheby’s auction for $ 1.47 million (approximately Rs. 10 crores).
Last week, the SketchAR app announced it would allow artists to upload, compile, and market their creations as NFTs.
While the app was already helping artists four years ago, it had no option to showcase the work of art and make money in the global digital space like NFTs. SketchAR plans to address that now.
