‘I Don’t Get the Attraction’ Of Some NFTs: FTX CEO Sam Bankman-Fried

Sam Bankman-Fried, CEO of cryptocurrency trade FTX, has admitted he doesn’t totally perceive the attraction of the non-fungible token (NFT) market. 

That is not attributable to any flaw within the know-how, although; Bankman-Fried famous that he struggles to understand the “visible aesthetics” of art work basically. “I personally don’t perceive the attraction of a Rembrandt portray,” he advised Axios earlier at the moment. “So after I see NFTs, a part of me is like… I don’t get the attraction of a few of these.”

Bankman-Fried may not totally see the attraction of NFTs however that hasn’t stopped his trade from wading into NFT waters. NFTs are cryptographically distinctive tokens that present proof of possession over digital and bodily belongings; they are often linked to pictures, movies, audio, or absolutely anything in between.

The trade launched its very personal NFT market final month, sizzling on the heels of Bankman-Fried’s personal NFT public sale; a picture depicting the handwritten phrase “check”, which offered for the staggering sum of $270,000 on FTX.US.

“However the Mona Lisa in comparison with any individual writing ‘check’ as a JPEG?” the Axios reporter requested Bankman-Fried, to which he replied, “Nicely, how about these work which might be like six strains that cross with one another, how a lot would that be value? I feel all of them look dumb to me.” 

The FTX CEO additionally conceded that whereas NFTs—and conventional artworks, even world-famous items—all “look dumb” to him, they “imply rather a lot to the folks shopping for them.” 

Which, the proof suggests, is true. 

NFTs—and the avatar developments they’ve spurred on social media—symbolize a type of group in a digitizing world

The continuing NFT growth

The primary half of this 12 months noticed complete NFT gross sales swell to $2.5 billion

Main title manufacturers like Visa and Budweiser have jumped on the NFT bandwagon, too, as have lots of the world’s most well-known sports activities names like Tom Brady and Rob Gronkowski

However as a lot momentum as NFTs have within the on-line world, they’re additionally starting to characteristic in the actual world, too. 

Simply this month, Decrypt has visited two London artwork exhibitions which have closely featured NFTs and AI generative artwork.

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