FTX's Bankman-Fried Warns Mainstream Can't Keep Up with NFT Market
iHodl.com
Main page News, Crypto Market, NFT
Hot topic
24 August
66 66

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.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

"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.

FTX Is Launching an NFTs Marketplace

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.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error
Close