Cryptocurrencies have been gaining popularity and with cryptocurrencies, in the recent times, a new crypto asset called the Non-Fungible Token (NFT) had amassed a huge amount of popularity. Many believe NFTs to be the future for art and other valuable items. But Fred Ehrsam has a difference in his opinion regarding to that and in an interview had conveyed about it. In this article let’s look at why Fred Ehrsam had conveyed that the 90 % of the NFT Collectibles would be worthless.
Fred Ehrsam on NFT – Latest News
Fred Ehrsam who is the co-founder of Coinbase conveyed in an interview that he feels that the NFTs are going to lose their worth. On 16 June 2021, he had conveyed in an interview that 90% of the NFTs would eventually become worthless. He also added in his interview that he believes that people shouldn’t dismiss the doge coin.
He also added that decentralized finance would be a riskier technology of the blockchain world and conveyed that the United States would get the regulations of bitcoin wrong and there could be a danger in that.
Fred Ehrsam also added that criticism made on the bitcoin’s energy use must be reconsidered by Elon Musk and Bill Gates.
Who is Fred Ehrsam?
Fred Ehrsam is an American based business man and an investor. He was the co-founder of one of the largest cryptocurrency exchange Coinbase. He had left Coinbase in the year 2017 and the company had gone public with a valuation of USD 100 billion.
Fred Ehrsam is currently the co-founder and the managing partner of the cryptocurrency investment firm Paradigm. As of 2020, the company had made more than 25 investments in cryptocurrency related companies. He was born in the year 1988 in Boston.
Fred Ehrsam's take on NFT
Fred Ehrsam conveyed in his interview that people are going to try all sorts of stuffs and added that in the coming future there would be millions and millions of cryptocurrencies and crypto assets. He compares cryptocurrencies and crypto assets to the millions and millions of websites that were developed during the boom of the .com phase in which the most of them wouldn’t work.
He conveyed that around 90 % of the NFTs will have no value in the next 3 to 5 years just like the early internet companies in the late 90s. He added that the value of NFTs would probably be the same as those companies.
Fred Ehrsam on Cryptocurrency
Fred Ehrsam conveyed in the interview that if cryptocurrency has taught us something it is not to dismiss a good meme and adds that it could display much more progress. He refers to dogecoin and other crypto assets.
Speaking about decentralized finance he added that one thing that totally changed in the year 2017 was that the doors suddenly opened to much broader applications. He added that Ethereum came out of nowhere and proved that various applications and projects could be build using the blockchain technology. He said that in the coming future we will be able to see a lot of mainstream consumer applications.
What Fred Ehrsam said about Bitcoin’s energy consumption?
Speaking about the criticism of the environmental impact of cryptocurrencies he conveyed that Elon Musk and Bill Gates will have to examine the issue much more closely and added his personal view which stated that it would be much more energy efficient in order to use these digital coins and transfers in the coming future. He added that it is totally understandable that there would be a lot of confusion in the beginning stage.
He added that, the world doesn’t change overnight but he said that we will be able to see the seeds of exponential growth that is already occurring. He added that we would live in a future where we would not require central currencies or a central system in order to co-ordinate with each other.
He added that it has already been proved by the financial services where we do not require a central system in order to hold our money or transfer our funds and we could be our own banking system.
Fred Ehrsam conveyed that history is yet to be written and added that in his view he is at a very strong place where the brand is trusted not only by the users but also the regulators. He added that being that bridge in the world of cryptocurrencies is a really great place to start.
What is the net worth of Fred Ehrsam?
The net worth of Fred Ehrsam is 290 crores USD.
What does NFT mean?
NFT is non-fungible token. It's generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files.
How does NFT prove ownership?
Nonfungible tokens prove ownership of a digital item – image, sound file or text – in the same way that people own crypto coins. Unlike crypto coins, which are identical and worth the same, NFTs are unique.