NFTs are bustling as usual, and while there are fair shares of critics, many advocates concede that it may not be wise to dismiss the sector outrightly.
The latest prominent name to jump in favor of the non-fungible token sector is none other than the American computer scientist and venture capitalist Paul Graham., Graham highlighted the viability of NFTs and noted that these tokens can be used for various purposes. He also added that dismissing the entire sector will be “inviting history to make a fool of you.” The VC asserted that even if most NFT use cases are “bogus,” he would not paint all of them with the same brush.
“Even if I were sure that most current uses of NFTs were bogus, I’d never dare to say that all possible uses were.”an NFT launched by a non-profit called Noora Health. Graham mentioned earlier that even though NFTs are new territory, he was excited about its potential.space. Interestingly, Graham’s latest comments come at a time when Itch.io, which happens to be an open indie game marketplace, declared that non-fungible tokens are a scam.
Despite being one of the biggest stories of 2021, the emerging asset class has also witnessed scammers seeping in after detecting loopholes. According to the latestby the crypto analytic company, Chainalysis, wash trading to artificially inflate the value of NFTs is rampant. The NFT sellers reportedly mislead the asset’s real value and liquidity by being on both sides of the trade. Chainalysis also found that most NFT wash trades weren’t successful. However, the successful ones made away with immense profits. It also noted that money laundering through the purchase of NFTs is yet another cause of concern for the market participants.
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