Nassim Taleb: Nft Market Will Burst On The Back Of The Fed’s Interest Rate HikeHenry Fisher
Philosopher and author of the cult work “The Black Swan” Nassim Taleb said that the market for non-fungible tokens will burst amid tightening Fed monetary policy.
The NFT thingy is starting to burst. All you need is higher interest rates for things that make no sense to start making no sense.
“Jack Dorsey Tweet NFT Once Sold for $2.9 Mil, Now Might Fetch Under $14K”.
— Nassim Nicholas Taleb (@nntaleb) April 16, 2022
“NFT is starting to burst. All it takes to make meaningless things meaningless is higher interest rates,” Taleb wrote.
He also pointed to the fact that the NFT of Jack Dorsey’s first tweet, who in March 2021 Bridge Oracle founder Sina Estavi bought for $2.91 million, began to lose its value.
See Also: Amazon May Sell Nfts In The Future
In April 2022 Estavi placed the token on the OpenSea platform. He intended to sell it for 14,969 ETH (~$48.3 million at the exchange rate at that time), but to no avail. The auction ended April 13th. The maximum bet per NFT is 10 ETH ($30,399).
— Estavi (@sinaEstavi) April 17, 2022
In response to Taleb’s statement, blogger Matin Soudagar emphasized that these conclusions are “based on headlines” and are not backed up by real facts.
The fundamental problem with takes based off headlines is you have 0 perspective on NFT history.
— Been a thing since~2014
— Thrived during crypto bear market, (2018-2020),
—Thrived during pandemic
— Thrived during crypto turbulence
More to this than Jacks tweet listing.
— Matty (@DCLBlogger) April 16, 2022
“The fundamental problem with headline-based inference is that you don’t have a perspective on the history of NFTs. [Сектор] has been around since 2014, flourished during the bear market (2018-2020), flourished during the pandemic, flourished during industry turbulence. This is more than Jack’s tweet,” Soudagar wrote.
Formerly Taleb criticized bitcoin and called it “the perfect game for losers” in a low interest rate environment.
Recall that the head of Amazon Andy Jesse admitted the possibility of selling NFTs on the corporate platform in the future.