The anti-NFT mob has now found a very important ally
Microsoft co-founder Bill Gates recently said that non-fungible tokens are a “more foolish principle” type of investment.
Gates sarcastically remarked that people who spend a fortune on pictures of apes would be able to make the world a better place.
The NFT bubble has predictably burst following a recent market correction, with the floor price for a bored Ape Yacht Club recently falling to the lowest level since last August. With the cost of entry dropping by almost 80% in just two months, investors who bought a lot of red-hot NFT images are left in the dust.Other popular NFT collections, including E Cryptopunks, have also fallen in value.
While NFTs have attracted a lot of support from celebrities, some prominent personalities have opted to dismiss them at their peak popularity. For example, Canadian actor Keanu Reeves got the idea to pay a lot of money for artworks that can be easily reproduced.
Gates’ skepticism comes as no surprise as he has been a longtime cryptocurrency critic. Back in May 2018, the billionaire claimed that he would be ready to short bitcoin if he could. Gates doesn’t seem to have warmed to cryptocurrencies, as he lamented their lack of intrinsic value in a Reddit post.
However, Gates claims that he hasn’t shorted bitcoin despite its downturn.
The price of the major cryptocurrency fell this week, with bitcoin falling to the $20,000 level for the first time since December 2020.