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Paul Graham shares his thoughts on NFTs

Paul Graham, a well-known American venture capitalist, feels that dismissing non-fungible tokens (NFTs) outright as frauds is a mistake.

The argument over the sustainability of NFTs resurfaced when independent game sponsor Itch.io called the latest cryptocurrency sensation a “scam.” It emphasized that it’s only good for exploiting creators and governing the world. It also launched an attack on the rising number of businesses that promote non-fungible tokens. Arguing that these businesses are solely interested in making money. 

Graham, a venture capitalist, tweeted in May about a non-fungible token called “Save Thousands of Lives.” The token was created by the NGO Noora Health. He supported the NFT tokens and stated that he would “never dare” to foresee all of the technology’s prospective applications.

Related: Cryptocurrency business continues to increase during market fall: Report

While some others have argued that NFTs are only useful for establishing pyramid schemes using “ugly JPEGs,” potential applications include gaming, the Metaverse, real estate, and medical data since the technology gives permanent verifiable proof of ownership.

 

Vaishali Goel
Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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