Ehrsam says that 90 percent of the NFTs produced today, they could be worthless within three to five years. However, this statement also applies to the early Internet companies of the late 1990s.
A recent Bloomberg interview with Coinbase co-founder Fred Ehrsam threw out the question that there are 5,350 cryptocurrencies on Coinmarketcap. Just nine years ago, there was only Bitcoin. After Bitcoin, various types of cottage coins emerged, then ICOs, and finally since last year, there has been a huge explosion in non-homogenized tokens (NFTs) and decentralized finance (DeFi). While there are so many tokens listed by the CMC, will each of these tokens survive in the coming years?
Fred Ehrsam said, “People are going to try all kinds of things. There will be millions of cryptocurrencies and crypto assets, just like there are millions of websites. Most of them won’t be successful.”
Ehrsam has a similar take on the hot NFT within the cryptocurrency industry. He compares the early Internet companies of the late 90s to NFT. I would go so far as to say that 90 percent of the NFTs that are currently producing, they could be worthless within three to five years,” he said. However, this statement also applies to the early Internet companies of the late 90s”.
The NFT market is currently having what could be described as a booming year. A pixelated digital figure known as CryptoPunk #3100 recently sold for $7.58 million, making it the second most expensive NFT ever, behind only artist Beeple’s digital artwork. NFT is also spreading rapidly in the music and fashion industries, with celebrities and artists publicly showing their support for NFT.
Ehrsam talks about how “the difference between now and 2017 is that all of a sudden the doors are opening up to a much wider range of applications. The emergence of ethereum shows that blockchain-based applications can be built …… I think over time we’ll see mainstream consumer applications and maybe NFT is just a weird ‘Bleeding edge’ (meaning a cutting-edge, not perfect technology).”
In the interview, Ehrsam also talked about Dogecoin. He said, “If cryptocurrencies have taught us anything, it’s never to dismiss a good meme.” Even though he criticized the bubble that exists in the cryptocurrency market, he remains optimistic about Bitcoin and other “meaningful” cryptocurrencies. He added , “The world won’t change overnight, but you can see the seeds of exponential growth already sprouting. So I do think we will live in a future where we no longer need a centralized platform to coordinate efforts. Financial services have become the stark example where you can be your own bank. You no longer need a central institution to keep your money.”
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/fred-ehrsam-90-of-nfts-will-be-worthless-in-3-5-years/
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