Friday, January 28

“Dollar is turning into digital art,” says Elon Musk of NFTs

In a public speech about the cryptocurrency market, the richest man in the world, Elon Musk, ended up commenting on NFTs.

In recent years, the cryptocurrency market has seen the rise of a new sector, that of non-fungible tokens, the NFTs. Thus, each NFT represents something unique in the network on which it is created, whether it is a work of art, player figures and even images of bored monkeys, the famous “Bored Ape Yacht Club”.

Even so, this market still raises the fear of investors of a market in a bubble, as collections have multiplied, with a great offer of new digital items. But this move may be more important than one imagines for the adoption of cryptocurrencies and new use cases for the technology.

Elon Musk spoke about NFTs and their role in bringing the Dollar to the cryptocurrency environment

Large, world-renowned brands are already seeking to create their NFTs collections, such as McDonald’s, Adidas, Neymar Júnior, Havaianas, among others, showing that this solution has already achieved fame among companies.

But this “jpeg” solution hasn’t convinced many in the market that the potential is all that promising, like the creator of Dogecoin, Billy Markus, who was skeptical of this innovation.

According to him, ironically, the cryptocurrency market has changed a lot since 2013, when he helped to create the dog meme currency. According to his view, what has changed is that before there were many scams, which now received the “jpgs” in the sector, which could be new schemes on the market.

“Cryptocurrency has changed a lot since 2013 back then, it was full of scams, charlatans, obscure exchanges being hacked all the time, flash failures and illusions. These days it’s full of scams, charlatans, obscure exchanges being hacked all the time, flash failures, illusion and jpgs”.

However, upon seeing the speech of the DOGE co-creator, Elon Musk said that the “NFTs are jpeging the dollar“, in a clear indication that he may be following the digital arts market as a promising sector to bring more investors to cryptocurrencies.

This is the first time Elon Musk has spoken publicly about NFTs, an industry that has already reached many investors who have bought art or even won promotions. In China, for example, McDonald’s does not sell its collection, but gives it to some customers as collectible brand gifts.

The talk of the richest man in the world about the sector could attract interest to the market, as he already did with cryptocurrencies in 2021. In any case, it is still not entirely clear if he already has any NFT or is just an NFT enthusiast. application.

The NFTs market, worth mentioning, already moves millions of dollars daily, on platforms such as Stacks Art in Bitcoin, OpenSea, Axie MarketPlace, Larva Labs and Rarible in Ethereum, among others in these and other blockchains.