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.
why do i like NFTs?
cuz for years and years no one did anything with crypto other than play the pump and dump game
at least NFTs are something it is being used for
— Shibetoshi Nakamoto (@BillyM2k) April 12, 2022
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.
but otherwise, it’s just people making and selling digital collectibles with the pointers living on blockchains
it’s a pretty simple concept, and has lead to an obscene amount of bad takes ?
— Shibetoshi Nakamoto (@BillyM2k) April 12, 2022
Meanwhile, the Dogecoin founder recently slammed popular American hip hop star Madonna, for lying about her non-fungible token purchase.
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