The NFT (non-fungible token) market has been the latest frenzy in the cryptocurrency world. Recently, the digital artist, Beeple made headlines for selling his collectible for $69 million. However, in a recent interview, he said that the prices are in a bubble.
Beeple Believes NFTs are a Bubble
Being the latest craze in the crypto world, there is an ongoing debate on whether NFTs are a bubble. Some have argued that the prices are overblown while others believe that art valuations are subjective and might be worth the actual price. Well, the man who made the third-priciest sales in art history, Beeple, has revealed his side of the argument.
In a recent interview, Mike Winkelman, more popularly known as Beeple, said that NFTs are in a bubble. He compared the market to the booming period of the internet when there was a bubble and then it collapsed. Clearly, the collapse didn’t wipe out the internet.
NFTs Will Outlive the Bubble – Beeple
Beyond the overblown prices, Beeple believes that NFTs will outlive the bubble. Whatever the case, a sure thing is that the market is still booming presently. Earlier this week, an American Footballer, Patrick Mahomes, made an eye-popping $3.7 million from his digital art sales.
In the interview, Beeple offered a peek into the idea behind his digital arts that made huge sales. He revealed that the artwork represents a catalog of his life at the period and the events that occurred during those times. The digital piece contains 5,000 different images that he made in 5000 days.
There are questions whether about NFTs are the next big thing in DeFi. Even if they are, there is a hanging controversy about their effects on climate due to underlying blockchain technology. However, to a certain degree, they have a place in the future.