Highlights
Crypto Billionaire Sam Bankman-Fried said , the future of NFT’s is uncertain and could lead to huge Adoption or Crash Hard leaving investors bitter.
Mainstream Adoption of NFT’s is faster than what most people are able to understand their potential – Sam Bankman-fried said.
In an Interview, Bankman-fried told CNBC “I still think that most people getting in don’t know what it’s going to look like, and frankly, you hear that from a lot of players,”
Sam BankMan-Fried, CEO and founder of Crypto Exchange FTX and Crypto Trading Company Alameda Research Told CNBC that he’s heard of clients wanting to get involved in NFTs But those clients had no idea what they want to do with the tokens when being asked.
NFTs are Unique digital assets based on blockchain technology that may represent anything from drawings to music. This implies that when you acquire an NFT, the transaction is recorded in a digital ledger forever.
These tokens are changing the way artists and content creators display and sell their work.
“It’s almost going mainstream faster than the mainstream understands what it is they’re adopting, which is a weird phenomenon,” Bankman-Fried said. “It could lead to just incredibly fast and giant adoption. It could also lead, frankly, to sort of a sour taste in people’s mouth if there’s a crash, and no one ever quite figured out what it was.”
According to a Report By Galaxy Digital , trading volumes of major NFT collections such as CryptoPunks, Bored Ape Yacht Club, and Meebits have increased by over 300% in the last month.
“I’m not going to say people haven’t made money buying them – they have,” Bankman-Fried said. “Certainly people have made money selling them. That would be one way to get into the game if you can understand what it is that makes them desirable.”
