Why 1 Investor Believes Most NFTs Will Lose Value Over Time
In March, famous artist Beeple sold a non-fungible token (NFT) named Everydays: The First 5000 Days for a record $69 million. This NFT was a montage of the first 5,000 pieces of digital art made by Beeple.
But not all NFTs are like this. In fact, perhaps the most popular NFT collection is CryptoPunks, pixelated headshots of people and apes that resemble something out of the 1980s. But don't let the low resolution fool you; several NFTs in the CryptoPunks collection have sold for more than $1 million.
With prices like these, the NFT trend is certainly hot. And some investors might be hoping that video game companies better monetize their content by hopping on this wagon. However, not all investors believe the NFT trend is here to stay. In this video clip from Motley Fool Backstage Pass, recorded on Sept. 27, Motley Fool contributor Jon Quast explains to analyst Sanmeet Deo why he believes many NFTs will be lose value over time as the market becomes saturated.
Source Fool.com