“The NFT bubble is just beginning,” says blockchain consultant
Given the frenzy over non-fungible tokens, one might wonder if the industry is just another bubble waiting to burst. However, Gary Nuttall, an aspiring technology consultant and founder of Distlytics Ltd., believes the “bubble is just beginning.”
As reported by BTC PEERS, several industry experts and players have cried badly over the ongoing NFT craze. Earlier this month, Charlie Lee, the founder of Litecoin, said that most NFTs are not as valuable as people think. Meanwhile, a software developer made some shocking revelations about the existence of NFTs. He warned that the industry was built on a “house of cards”.
Many others share the same line of thought. But Nuttall is currently pro-NFTs from his recent comments. In contrast to the ICO craze of late 2017, the NFT industry is already attracting traditional institutions. The technical advisor said:
It appears that art NFTs are gaining traction in the traditional art world with Christie’s, the world’s leading auction house, fueling the NFT frenzy with the recent auction of Beeple’s digital collage of over $ 69 million. It was also recently announced that the Russian Hermitage in St. Petersburg will host an NFT art exhibition. In both cases the sector has earned some credibility as a viable market. Beyond art, the possibilities and uses of NTFs are unlimited.
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