The mainstream can not keep up with the market of non-fungible tokens (NFT) as it evolves rapidly, Sam Bankman-Fried, the founder of FTX, told CNBC in an interview. He also doubted that most people getting on the hype train understand the idea behind NFT tokens.
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"I still think that most people getting in do not know what it is going to look like, and frankly, you hear that from a lot of players," he said.
The FTX CEO also cautioned that the craze around the NFT market is evolving so fast that it has become a "weird phenomenon" even by standards of crypto:
"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," he noted.
Bankman-Fried's comments came after Visa purchased CryptoPunk 7610 for 49.50 ETH (~$149,939). The corporation said it had decided to buy the NFT token to learn how the market works. According to the multinational financial services corporation, NFTs will play an "important role in the future" of retail, social media, entertainment, and commerce.
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