Binance CEO: People may have lost their minds because of NFT

Nearly a year ago, a JPG file appeared on the market for sale for $ 69.3 million. The work “Everydays – The First 5000 Days” is a collage of all the photos that Beeple has posted online every day since 2007. The artist is famous. after collaborating with Louis Vuitton and pop stars like Justin Bieber and Katy Perry.

The photo above is just a JPG file – a digital file whose owner can never physically touch, hold or hang, except to admire it on an electronic screen. In essence, it’s just a series of zeros and one’s. About this, billionaire founder of Binance – Changpeng Zhao said: “People may have lost their minds”.

According to him, the market is going through NFT fever. This is a digital asset that can represent a unique file. They are not interchangeable and belong only to its owner. NFT is like a validator for artwork, music, videos and even social media posts.

NFTs can be sold individually or as part of a collection as is the case with Bored Ape Yacht Club – one of the top NFT collectibles still trading on Ethereum with a total trading volume of 1.41 billion USD. Celebrities like Tonight Show host Jimmy Fallon and Grammy Award-winning producer Timbaland are now using Bored Ape Yacht Club ape drawings as their Twitter profiles.

While there are mixed opinions about NFTs, the plus point that Zhao says is undeniable is that they “allow artists to monetize their work globally once again and reach a wider audience.” a lot of”.

Among the prominent buyers of last year’s record NFT sale were MetaKovan and Twobadour, owners of the NFT-focused Metapurse hedge fund. Sharing after the transaction, they said they wanted to add “a little bit of mahogany” to the “monochromatic palette” of investors, financiers and art patrons.

“The aim is to show Indians and people of color that they too can be patrons, that crypto is the balancing force between the West and the rest of the world and the emerging southern hemisphere. wake up,” they said.

But the author Beeple himself also worries that NFT art is in a “bubble”. He told Fox News Sunday last year that the Internet, in its infancy, was also a bubble and eventually burst.

“But this doesn’t wipe out the Internet. So the technology itself is powerful enough that I think it’s going to last longer,” he added.

The Binance founder also sees the fragility of the market and says he’s not an art collector. However, he added: “As a market emerges for people who pay regularly for the NFT, for the art. Now more artists are coming to the NFT industry. With more artists coming, the quality is better,” he added. quality will be improved”.

Changpeng Zhao founded the cryptocurrency exchange Binance in 2017. This exchange is valued at up to 300 billion USD, 6 times more than rival Coinbase in the US market. In just 5 years, the Chinese-born businessman became the richest digital asset billionaire on the planet and ranked 15th on the list of the world’s richest billionaires. Bloomberg. The Binance boss’s net worth used to hit $96 billion, but recent volatility in the crypto market has brought that number back to $74 billion.

Xiao Gu (according to Fortune, NYT)