Former world's richest man and also the founder of Microsoft, Bill Gates was quoted as saying that NFT is a kind of fraud based on the "greater fool theory" to continue. He issued this bold statement at an event hosted by TechCrunch at the University of Berkeley yesterday.
Gates also in a sarcastic tone said the expensive image of a digital ape would bring great good to the world. The more stupid people theory says profit can be achieved in every transaction as long as there are more stupid people to buy something that exceeds its true value.
In this case Gates may be right because we previously reported Jack Dorsey’s first NFT tweet on Twitter which was originally bought for RM12 million only received a bid of around RM99 when it tried to resell. The NFT market has shrunk sharply since the start of 2022 and has not been helped by the value of cryptocurrencies that have plummeted further over the past week.
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