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Sam Bankman-Fried, CEO of crypto derivatives exchange FTX, says non-fungible tokens (NFTs) are going mainstream faster than almost anything he’s ever seen.
In a new interview with CNBC, Bankman-Fried notes that rapid adoption of a new trend involves both excitement and risks.
Visa just announced that they bought an NFT… Everyone is currently getting into the NFT game in one way or another…
A lot of people have realized there’s a lot of excitement there, but don’t know what to do with it yet. I think it’s going faster than mainstream knows what they’re adopting, which is a weird phenomenon…
It could lead to incredibly fast and giant adoption, it could also lead to a sour taste in people’s mouth if there’s a crash and no one ever quite figured out what it was.”
As Bankman-Fried mentions, Visa recently bought a “CryptoPunk” NFT for nearly $150,000 in Ethereum.
The overall NFT market has seen an explosion in activity, rising to $2.5 billion in sales in the first half of 2021, compared to $13.7 million in the first two quarters of 2020.
Despite the frenzy, Bankman-Fried still sees room for more growth, but says there’s still uncertainty lingering in the crypto subsector.
“It’s a really, really nascent space, like it’s really kind of undeveloped right now and I think it’s really beyond certainty what directions it’s going to be taking medium to long-term.”