Why Dogecoin Creator Thinks NFTs Need To Embrace Being Useless

Dogecoin DOGE/USD co-creator Billy Markus said he would rather see NFTs embrace being “useless” collectibles than try to become “useful investment opportunities.”

What Happened: In a series of tweets on Tuesday, Markus said he doesn’t believe that NFTs are useful investment opportunities.

“I enjoyed collecting basketball cards as a kid. I don’t mind the club aspect at all. I don’t mind ironic jpegs for clout. I like directly supporting artists,” said Markus. “I do mind bullshit roadmaps, exaggeration, and people acting like they are investment vehicles. They aren’t.”

See Also: WHAT ARE NFTS?

After a massive boom in 2021, the NFT industry has seen a massive decline in trading volume this year. Data from NonFungible shows that the average number of sales has declined 82% and active NFT market wallets are down 76% over the course of 12 months.

Floor prices of high-value NFT projects have also seen a considerable decline over the last few months. Data from Flips Finance show floor prices for Bored Ape Yacht Club (BAYC) NFTs are down to 99.2 Ethereum ETH/USD — a decline of 59% since May. CryptoPunks — another “blue chip” NFT project — saw its floor decline over 50% since a high of 125 ETH in October.

Price Action: According to data from Benzinga Pro, DOGE was trading at $0.06 at press time, down 2.9% over the last 24 hours. ETH was trading at $1,053, down 3.22% over the same period.

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketsBilly MarkusdogecoinNFTsNon fungible token
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...