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NFTs Are '100%' a Bubble and Buyers Should Be Careful, Beeple Warns

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Published on:
March 22, 2021

The digital artist admits he 'might be the big winner' after selling one of his NFTs for $69.3 million.

NFTs Are '100%' a Bubble and Buyers Should Be Careful, Beeple Warns

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The digital artist Beeple has warned that non-fungible tokens are “100%” in a bubble — and crypto enthusiasts should be careful about what they buy.

 

Speaking to CNN, Beeple — whose real name is Mike Winkelmann — said it seems “a bit ridiculous” that NFTs based on toilet paper are now selling for more than $2,000.

 

The interview came a week after a monumental collage of his work called Everydays: The First 5,000 Days sold for a staggering $69.3 million at Christie’s.

 

‘I Might Be the Big Winner’ 

Although Beeple says he is incredibly enthusiastic about the technology underpinning NFTs, and believes it could have a myriad of use cases beyond digital art, he said the current mania surrounding the space is “overwhelming” and “so crazy.” He added:

“NFTs as a technology are super exciting and a lot of people are comparing it to the early days of the internet. With the early days of the internet, you had a lot of hype and you had a lot of speculation, and then there was a bubble, and the bubble burst. But it didn’t wipe out the internet, people kept using the internet.”

Beeple added that NFTs “that really connect with people on an emotional level or have utility will stick around” — and said that he believes his work will withstand this bubble… and the test of time.

 

Although he said that he doesn’t know whether the NFT bubble has further room to run or is close to bursting, he added:

“It appears I might be the big winner.” 

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Connor Sephton

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