Bill Gates is not a big NFT fan, digital collectibles issued using the technology behind cryptocurrencies. In a recent interview released at a Tech Crunch event, the billionaire and founder of Microsoft also had his say on NFT, acronym for Non-Fungible Token.

In response to the interviewer’s questions, Bill Gates preferred to use the weapon of sarcasm to criticize the NFT craze. “Obviously expensive images of a pixelated monkey will make a big contribution to the world,” he said. Bill Gates is clearly talking about the Bored Ape Yacht Clubthe most expensive and popular collection of NFTs based on the Ethereum network.

A BAYC can cost more than 100,000 euros. There are only 10,000 of them, all different and with unique features, and among the collectors who have bought at least one are several celebrities, including Paris Hilton, Seth Green and Jimmy Fallon.

Bill Gates added that NFTs are based on the so-called Greater Fool Theory, a theory describing the economic behavior behind the purchase of extremely overvalued and useless assets. In a nutshell, you can buy them and you can make a lot of money with them, but as long as you find someone even dumber to sell them right after. The problem is that at some point the stupid is often scarce and if you arrive late there is a big risk that you are the stupid.

Bill Gates also said he was a priori opposed to technologies and assets created to evade tax authorities and government regulations.

Source: Lega Nerd

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