Vitalik Buterin Isn't Crazy About NFTs.
29 Mar 2022, 08:00
Vitalik Buterin Isn’t Crazy About NFTs
Vitalik Buterin – known for his role in creating Ethereum, the largest altcoin on the market and arguably bitcoin’s biggest competitor – isn’t a huge fan of non-fungible tokens or NFTs, as they’re called for short. In a recent interview, he warned against NFTs and claimed they were “dystopian.”
Vitalik Buterin Doesn’t Like How Big NFTs Have BecomeEthereum is largely responsible for giving way to NFTs. These tokens require smart contracts, which up to one point, was technology only compatible with the Ethereum blockchain, though newer networks like Solana and TRON also bear these capabilities.
Many of these NFTs represent stakes in something larger. For example, you can buy an NFT of the Mona Lisa, and this is meant to represent a slight bit of ownership in the actual painting, which if purchased would probably go for several million dollars. The NFT represents a portion of ownership in the Mona Lisa without paying for the whole thing.