Sam Bankman-Fried, CEO of crypto derivatives exchange FTX, says non-fungible tokens (NFTs) are going mainstream faster than almost anything he’s ever seen.
In a new interview with CNBC, Bankman-Fried notes that rapid adoption of a new trend involves both excitement and risks.
Visa just announced that they bought an NFT… Everyone is currently getting into the NFT game in one way or another…
A lot of people have realized there’s a lot of excitement there, but don’t know what to do with it yet. I think it’s going faster than mainstream knows what they’re adopting, which is a weird phenomenon…
It could lead to incredibly fast and giant adoption, it could also lead to a sour taste in people’s mouth if there’s a crash and no one ever quite figured out what it was.”
As Bankman-Fried mentions, Visa recently bought a “CryptoPunk” NFT for nearly $150,000 in Ethereum.
The overall NFT market has seen an explosion in activity, rising to $2.5 billion in sales in the first half of 2021, compared to $13.7 million in the first two quarters of 2020.
Despite the frenzy, Bankman-Fried still sees room for more growth, but says there’s still uncertainty lingering in the crypto subsector.
“It’s a really, really nascent space, like it’s really kind of undeveloped right now and I think it’s really beyond certainty what directions it’s going to be taking medium to long-term.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Vadim Sadovski
The post Rapid Adoption or Epic Crash? Crypto Billionaire Sam Bankman-Fried Weighs In on Rise of NFTs appeared first on The Daily Hodl.
