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Home Crypto News Market Dogecoin Pseudonymous Founder Gives Reasons Why He Likes Non-Fungible Tokens (NFTs) 

Dogecoin Pseudonymous Founder Gives Reasons Why He Likes Non-Fungible Tokens (NFTs) 

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Dogecoin Founder is in love with Non-Fungible Tokens (NFTs).


 

With a growing interest in non-fungible tokens (NFTs), Shibetoshi Nakamoto, the Dogecoin (DOGE) pseudonymous founder, has applauded the nascent asset class for bringing up new ways people can interact with the cryptocurrency market. 

According to the outspoken Dogecoin founder, before the inception of NFTs, people did not do anything positive with cryptocurrencies rather than “playing” the pump and dump game. 

“Why do I like NFTs? For years and years, no one did anything with crypto other than play the pump and dump game. At least NFTs are being used for [much better purpose],” Dogecoin’s pseudonymous founder said.  

 

Growing Interest in NFTs

Shibetoshi Nakamoto’s comment on why he likes NFTs is valid to a large extent. The inception of non-fungible tokens has attracted lots of interest from a new investor class, who has been scared of getting involved in cryptocurrencies due to the numerous alarming developments in the space, especially the pump and dump schemes. 

A cryptocurrency pump and dump scheme is a technique whereby developers of a project invest heavily in marketing the token to investors using misleading information to raise its price and then sell everything for a profit, which crashes the price. 

With security and transparency featured in NFTs, more people are now getting involved with the crypto sector. Celebrities, including musicians and sportsmen, have sold a variety of digital collectibles known as NFTs, raking in millions of dollars in different transactions. 

Snoop Dogg, a popular hip-hop star, collaborated with Cardano-based Clay Mates to launch his digital collectibles that will give holders access to unreleased songs by the musician. 

Despite the enticing opportunities associated with NFTs, Shibetoshi Nakamoto still noted that non-fungible tokens have their own set of unique problems like stolen art and fake purchases. 

“[…] Otherwise, it’s just people making and selling digital collectibles with the pointers living on blockchains. It’s a pretty simple concept and has led to many bad takes,” he concluded

 

Meanwhile, the Dogecoin founder recently slammed popular American hip hop star Madonna, for lying about her non-fungible token purchase. 

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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