Ethereum's co-founder fears that the NFT space risks becoming 'a casino that largely benefits already wealthy celebrities.'
Non-fungible tokens are primarily in the realm of celebrities, big-name companies and those with very deep pockets, but Ethereum founder Vitalik Buterin thinks that should change.
With the popularity of NFTs soaring over in recent months, Buterin commented on their ability to bring in vast amounts of money, but noted that they shouldn’t be seen as a “casino that largely benefits already wealthy celebrities.”
Instead, he believes there could be a missed opportunity — and if people act collectively, the resources could be directed towards charitable causes which often suffer funding difficulties.
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“There are many situations in life that demand coordinated behavior: if you act in a certain way alone, you are likely to get nowhere (or worse), but if everyone acts together a desired result can be achieved,” Buterin wrote.
And while Musk didn’t go on to sell his tweet, the very fact that there was so much interest proved Buterin’s point that public perceptions deem which NFT is worth the money.
“If everyone agrees that one NFT is interesting and another NFT is lame, then people will strongly prefer buying the first, because it would have both higher value for bragging rights and personal pride in holding it, and because it could be resold for more because everyone else is thinking in the same way.”