The nonfungible tokens (NFTs) have come a long way since now even the average person is becoming involved, not only celebrities. Most of them are turning this into a brand-new source of income.
Chamath Palihapitiya, a wellknown billionaire investor,and trader believe that NFTs are currently in a very hyped-up stage.
Chamath brings up the topic of the reduction in the nonfungible token (NFT) market’s trading volume in his most recent episode of the All-in podcast.
The CEO of Social Capital uses the Burning Man and Coachella music festivals to show how they tried to be different but turned out to be the same in the end.
Similarities Exist Between NFTs and the Art Market in General
He draws comparisons between the aforementioned music festival, NFTs, and the general art market. He continues by saying that many things in our environment are similar because people jump into things too quickly and reject the idea that they are similar to what is already in existence.
Instead, according to Palihapitiya, they spend a lot of time discussing how it differs from others. He quotes Buffet’s saying that reads, “Whenever somebody tells you this time is different, it’s probably not that different. ” Another quote that Chamath talks about is “Things don’t necessarily repeat in history, but they rhyme.”
With all of these instances and phrases, the investor is attempting to convey the impression that, aside from basic advances in science, there aren’t many new things in the world.He goes on to say that among the numerous things that are repeated is the social capital that comes from making a few decisions that are supported by others, giving us the impression that we are deserving of it.
The billionaire claims that the general art market and NFTs are both experiencing the same situation. Thus, Coachella and Burning man events are comparable to NFTs and art,and he concludes by suggesting that nothing should be alteredsimply because other people find it enjoyable.
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