25 May 2024
Binance CEO: People may have lost their minds over NFTs 2

Binance CEO: People may have lost their minds over NFTs 2

Cryptocurrency billionaire Changpeng Zhao said that the market is experiencing an NFT fever when many people are willing to spend nearly 70 million USD for a photo.

Nearly a year ago, a JPG file appeared on the market selling for 69.3 million USD.

The photo above is just a JPG file – a digital file that the owner can never physically touch, hold or hang, except to admire it on an electronic screen.

`Everydays – The First 5000 Days` is a collage of all the images that artist Beeple has posted online every day since 2007. Photo: Christie’s

According to him, the market is experiencing NFT fever.

NFTs can be sold individually or as part of a collection as is the case with Bored Ape Yacht Club – one of the top NFT collections still trading on Ethereum with a total trading volume of 1.41

While there are mixed opinions about NFTs, the upside that Zhao says is undeniable is that they `allow artists to monetize their work globally again and reach a broader audience.`

Among the prominent buyers of last year’s record NFT sale were MetaKovan and Twobadour – owners of NFT-focused investment fund Metapurse.

“The aim is to show Indians and people of color that they can also be patrons, that cryptocurrencies are a balancing force between the West and the rest of the world and the emerging global south.

But author Beeple himself also worries that NFT art is in a `bubble`.

`But this doesn’t wipe out the Internet. So the technology itself is powerful enough that I think it will last longer,` he added.

Binance CEO: People may have lost their minds over NFTs

Changpeng Zhao at an economic event in Singapore, November 2021.

The founder of Binance also saw the fragility of the market and said he is not an art collector.

Changpeng Zhao founded the Binance cryptocurrency exchange in 2017. This exchange is valued at up to 300 billion USD, 6 times more than rival Coinbase in the US market.

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