Indivisible tokens, or NFTs, have taken the crypto market and the art world by storm. However, the extremely volatile trading activities of the sector suggest it is still too early to forecast the future. But based on one of those “banyan trees” of this cryptocurrency market, most present NFTs will become useless in only a couple years.
In an interview on Bloomberg TV Recently, Coinbase co-founder Fred Ehrsam pointed to similarities between the increase of crypto and the dotcom boom of the 1990s. Ehrsam said: “I think 90% of NFTs are made in the present may not be worth anything in 3-5 years. “You could say the same thing about the first internet companies of the late 90s.”
For him, NFT is no different than any other crypto job that was created from overnight hype.
“People will try anything. There will be millions of cryptocurrencies and digital assets, just like there are millions and millions of websites. Most of them won’t work,” Ehrsam explains.
Ehrsam started getting into Bitcoin about 2010 while employed as a forex dealer at Goldman Sachs. He left investment banking to co-found cryptocurrency exchange Coinbase with Brian Armstrong in 2012. Ehrsam parted ways with Armstrong in 2017 and launched Paradigm, a blockchain investment company, in 2018.
“The world doesn’t change overnight, but you can see the seeds of growth popping up exponentially,” he explained in an interview with Bloomberg. “I think we will live in a really highly interactive future, now we would not want these centralized platforms. That was true of financial services, where you can be your bank. You do not want a centralized organization to maintain your money .”
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