Fred Ehrsam, the Coinbase co-founder, revealed in an interview on Wednesday with Bloomberg TCV that ninety percent of NFTs (non-fungible token) would ultimately become worthless. He also added that people should not disregard the much-maligned Dogecoin.
Ehrsam also referred to decentralized economics as a “bleeding edge” in the world of blockchain and stated that there was a risk that the United States might get Bitcoin regulation wrong. He went on to add that Bill Gates and Elon Musk should rethink their denunciations of Bitcoin’s allegedly excessive power use.
Ehrsam quit Coinbase, the virtual currency exchange that went public during spring with a valuation of $100 in 2017. He was also responsible for cofounding the blockchain investment company Paradigm.
Regarding cryptocurrency projects, he stated that people are going to be trying all kinds of things and there will eventually be millions of cryptocurrencies as well as cryptocurrency assets, similar to how there were millions of websites before. He added that most of them will not work.
On NFTs, Ehrsam said he would take the liberty to say that ninety percent of NFTs will not have any value whatsoever in 3 to 5 years. He added that the same thing could be said about internet companies in the late nineties.
When speaking about cryptocurrency communities and dogecoin, he said that if crypto has taught him anything, it is to never disregard a good meme that could not eventually demonstrate more sold progress.
On regulation, he stated that since cryptocurrency is a detailed issue, and it could be possible for the US to get crypto wrong. He added that he found it very appropriate that a lot of regulators today make sure to mitigate risk and keep investors safe. Simultaneously, according to him, cryptocurrency is the next big opportunity in the US.
