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BINANCE FOUNDER THINKS BUYING NFT AN OUT OF MIND WORK

BINANCE FOUNDER THINKS BUYING NFT AN OUT OF MIND WORK

"People may be losing their minds," C.Z. Zhao told Fortune recently, talking about NFT madness.


NFT stands for a non-consensual token — a unique digital asset, owned solely by the owner or owners. It is like a certificate of authenticity for a work of art, music, videos, and tweets.


NFT can be sold individually or as part of a collection, as in the case of the Bored Ape Yacht Club, a collection of thousands of digital monkey images on the Ethereum blockchain. Those who buy a monkey image like NFT get a membership of a special club with members' benefits only such as access to the "Bathroom," an online graffiti board for members only. Celebrities such as comedian and Tonight Show host Jimmy Fallon and Grammy-winning producer Timbaland are currently using their Bored Ape NFTs as their Twitter profile pictures.


Whatever your opinion of the NFTs, there is something undeniable, Zhao said: "They allow artists to make money for their work around the world and ... and reach a wider audience."


"A Singaporean boy could pay $ 69 million for your art."


The cast of last year's NFT sales record, that "young man" —or boys — were MetaKovan (real name Vignesh Sundaresan) and Twobadour (Anand Venkateswaran), owners of an NFT Metapurse-based investment fund. Wanting to add a "mahogany dash" often to the "monochrome… color scheme" of investors, funders, and art sponsors, these two wrote blogs after the sale.


"The point was to show Indians and people of color that they too can be sponsors, that crypto is the power to balance between the West and the Rest, and that the South of the world is growing," they said.

 Last month the producer bought the world’s most expensive NFT for $ 69.3 million, highlighting how virtual work launches itself as a new form of creativity. - END OF EDITORY - ARTIST'S EXCLUSIVE PUBLICATION - EXPLAINING THE EVENT AS IMPORTANT TO CASH VISITS TO Singapore-US-arts-IT, INTERVIEW BY Catherine LAI (Photo by Roslan RAISM ARTIST IN THE PUBLICATION - SHOWING THE EVENT AS IMPORTANT IN TODAY'S TEXT TO VISIT THE Singapore-US-arts-IT, Catherine LAI'S CONVERSATION / DELIVERED ON PRACTICAL ACTIVITY - FORCESS SPEECH BY THE ARTIST - NJ


A lot

But the recipient of that $ 69 million, Beeple artist — Mike Winkelmann in real life — is concerned that NFT art is in full swing. He told Fox News on Sunday last year that the internet, at first, was also booming - and eventually exploded.


"But it did not erase the internet," he said. "And the technology itself is strong enough when I think it will go beyond that."


Zhao also recognizes the weakness of the market but is quick to point out that he is not an art collector.


"Nothing so important, right?" he said pointing to Beeple's sale. "But if you have one person who is willing to pay you, if that person suddenly changes his mind, that doesn't matter anymore."


Zhao continued: "But there is a market for paying people ... usually NFT, art. Guess what? Now more artists are coming to the NFT industry. As more artists come, quality is improving."



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