Dogecoin founder says he is “in love” with non-fungiable tokens (NFTs). Billy Markus, founder of Dogecoin (DOGE), who goes by the name Shibetoshi Nakamoto on Twitter, explained that with the growing interest, he appreciates the emerging asset class, NFTs, as they bring new ways in which people can interact with the cryptocurrency market.
Praises to NFTs from Dogecoin founder
According to the outspoken DOGE founder, before NFTs, people didn’t do anything positive with cryptocurrencies by “playing” the “pump and dump” game. Shibetoshi said, “Why do I love NFTs? For years, no one has done anything but play a game of ‘pump and dump’ with cryptocurrencies. At least NFTs are being used [for a much better purpose],” he said. Shibetoshi Nakamoto’s comment on why he loves NFTs is largely valid.
As non-fungiable tokens are released, numerous worrying developments in the space It has attracted a lot of attention, especially from a new class of investors who are afraid of getting involved in cryptocurrencies because of their pump and dump schemes. Pump and dump scam in crypto, as we’ve also reported on cryptokoin.com, is a technique where the developers of a project invest heavily to market the token to investors using misleading information to raise its price, then lower the price by selling everything for a profit.
NFTs have involved many people in the industry
With the security and transparency prominent in NFTs, more and more people are now getting involved in the crypto money industry. Celebrities, including musicians and athletes, have sold a variety of NFT collectibles and made millions of dollars in different transactions. For example, popular hip-hop star Snoop Dogg has teamed up with Cardano-based Clay Mates to launch their digital collection that will give owners access to the musician’s unreleased songs.
Despite the attractive deals on NFTs, Shibetoshi Nakamoto still, He noted that NFTs have their own unique problems, such as the purchase of stolen art and counterfeit. He said that NFTs are simply based on making and selling digital collectibles on the Blockchain, but this concept can also lead to many bad situations.
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