Nouriel Roubini Targets Non-Fungible Tokens
DailyCoin
Published Mar 10, 2021 06:18AM ET
Updated Mar 10, 2021 06:30AM ET
Nouriel Roubini Targets Non-Fungible Tokens
If you have followed the development of the 2008 market crash, the name Nouriel Roubini should not be unknown to you. Roubini was one of the few people that predicted the 2008 crash, but it seems he didn’t have the same success with Bitcoin and cryptocurrencies in general.
In 2018 Mr. Roubini testified before the U.S. Congress, claiming that Bitcoin is the mother of all scams and has continued to criticize the digital economy ever since. It seems that his next target is non-fungible tokens (NFTs) that are a complete scam, according to Roubini.
Doomsday Prophecies vs. Reality
Nouriel Roubini isn’t the only critic of emerging digital currencies and projects. Many economists and big Wall Street names have had the same take on Bitcoin since its inception. When BTC hit $9K, Warren Buffet called Bitcoin rat poison squared, but do all of these claims have any weight?
The continuous criticism did affect digital markets when the total market cap was a lot lower. As more and more people continue to invest in these digital assets, it seems inevitable that all doomsday prophecies will never be fulfilled.
To understand if any of these claims have merit, we must look at the other side of the story and see how much of an impact NFTs really had on the outside world.
Those that are familiar with the digital art space surely know who BEEPLE is. For those that are out of the loop, Beeple is the nickname of Mike Winkelmann who is a sort of a one-man-show. At the time of writing, this digital artist has 5075 art pieces to his name.
All of this wouldn’t sound very interesting if every single art piece wasn’t created in less than 24 hours. Every single day, Mike Winkelmann was creating a new art piece and posting it online for free. It took years before NFTs became a medium between artists and their fanbase. The first-ever “NFT drop” from this particular artist has generated more than $3 million in sales. For some, this may sound like a lot of money for pieces of digital art, but it is definitely a game-changer for artists.
On the Flipside
- The NFT market is growing rapidly. In 2020 the NFT market was estimated to be valued at $250M.
- The NFT explosion has attracted a lot more than just artists.
- Actor and Comedian T.J. Miller recently listed his own NFTs on Nifty Gateway but it didn’t get the expected attention.
Without taking any sides, it is almost impossible not to conclude that non-fungible tokens are a revolution in the digital art space. There seems to be enough demand for digital art right now, and NFTs are almost a necessity. Regardless of all the criticism, this is the first time the online community successfully solved a present problem for years – artists and content creators were never compensated properly for their work.
Get The News You Want
On the other hand, economists and critics like Nouriel Roubini may have a valid point as well. We can never know if the demand for non-fungible tokens will stay at the same levels as today, but to be fair, no one can predict the future.
Continue reading on DailyCoin
Written By: DailyCoin
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.