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Beeple: NFT, like dot-com balloon

Digital artist Beeple, who has made record-breaking sales in the NFT market, says the NFT is a craze, just like the dot-com bubble of the late 1990s.

Beeple, a digital artist who set a new record by selling a digital artwork for $69 million, thinks the NFT market will follow a trajectory like the dot-com bubble of the late 1990s.

In a statement to The Street, he said: “I’m very sorry. During the dot-com bubble, he said, many worthless websites were set up, then they were discontented, and he believed the future of NFT would be similar.

NFT’s CAN BE BALLOONS

Beeple believes that digital art can have the same value as traditional art and will continue to be highly priced after low-value content is extracted. “If he connects emotionally with people, he’ll have value,” he says.

In March, a work by Beeple sold at auction for a record $69 million. Despite this sale, the buyer of the work; He later said that investing in digital art was highly risky and that he believed NFT could be a bubble.

VALUES STARTED TO FALL

Now Beeple itself reiterates this view and states that many crypto artworks will become worthless.

Based on data collected by nonfungible.com, an NFT monitoring and analysis center, the value of art NFT began to decline last month. The number of sales and the amount of money paid to them indicates the observed decrease in the amount of sellers and buyers.

Digital elements such as NFT’s, videos, visualizations, or audio based on blockchain technology. They are unique and cannot be changed, so they are often seen as collection items. Anyone can see the NFT online, but only one person can have it.

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