Coinbase co-founder Fred Ehrsam: “90% of NFTs will be worthless in 3 to 5 years”
Indivisible tokens, or NFTs, have taken both the crypto market and the art world by storm. However, the extremely volatile trading activity of this sector suggests that it is too early to predict the future. But according to one of the “banyan trees” of the cryptocurrency market, most current NFTs will be worthless in a few years.
In a recent Bloomberg TV interview, Coinbase co-founder Fred Ehrsam pointed out similarities between the rise of the cryptocurrency and the dotcom boom of the 1990s: “I assume that 90% of the NFTs created today are likely to be in 3-5 will be worthless ”years. “The same could be said about the first internet companies at the end of the 90s.”
For him, NFT is no different from any other crypto project that grew out of an 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, ”explains Ehrsam.
Ehrsam started Bitcoin around 2010 while working as a Forex trader at Goldman Sachs. He left investment banking to co-found the cryptocurrency exchange Coinbase with Brian Armstrong in 2012. Ehrsam separated from Armstrong in 2017 and founded Paradigm, a blockchain investment firm, in 2018.
“The world doesn’t change overnight, but you can see the seeds of growth appear exponentially,” he said in an interview with Bloomberg. “I think we will live in a very interactive future, today we don’t need these centralized platforms. That was true of financial services, where you can be your own bank. You no longer need a centralized organization to hold your money. “
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Source: Coin 68