Nassim Taleb, philosopher and author of the cult work "The Black Swan," has said the non-fungible tokens (NFTs) market will explode amid the tightening of monetary policy by the US Federal Reserve (Fed).
He has said:
"The NFT thingy is starting to burst. All you need is higher interest rates for things that make no sense to start making no sense."
He has also highlighted the fact that the NFT of Jack Dorsey's first tweet, which Bridge Oracle founder Sina Estavi bought for $2.91 million in March 2021, has started to lose value.
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In April, Estavi put the token up for sale on OpenSea with the intention of selling it for 14,969 ETH or $48.3 million, however, he has failed to do so. The auction ended last April 13, with the maximum bid being 10 ETH.