NFT prices will eventually crash, says Litecoin creator Charlie Lee

NFT prices will eventually crash, says Litecoin creator Charlie Lee


Non-fungible tokens are currently a major topic of discussion within the crypto space with creators and collectors alike jumping on the bandwagon.

However, Litecoin (LTC) creator Charlie is of the opinion that the hype is unsustainable. Tweeting on Monday, Lee said that, unlike ‘real art,’ NFTs have “zero cost” of creation.

With all that said, I’m willing to be proven wrong. I created a unique NFT with my profile pic. It cost me nothing (well except for the ridiculous ETH gas fee) and no effort at all. Prove me wrong and show me that this has value: https://t.co/ucmu8KB1Us

— Charlie Lee [LTC⚡] (@SatoshiLite) February 15, 2021

Trending: Bo Polny’s Private Message To Me: “It Starts!”

According to Lee, artists in the real world are constrained by time and effort, likening this limitation to proof-of-work. For Lee, this restriction creates scarcity and therefore value for art pieces created by famous artists.

“NFTs, on the other hand, create artificial scarcity,” Lee tweeted, adding, “Because of the near zero cost

Continue reading

You Might Like

Do NOT follow this link or you will be banned from the site!
Thanks for sharing!
Send this to a friend