What Happened: Fred Ehrsam, co-founder of cryptocurrency exchange Coinbase Global Inc (NASDAQ:COIN) believes that the era of non-fungible tokens (NFTs) will be short-lived.
In a recent interview with Bloomberg, Ehrsam said, “I go so far as to say that 90% of NFTs produced, they probably will have little to no value in three to five years. You could say the same thing about early internet companies in the late ’90s too, though.”
See Also: How To Buy NFTs
Still, Ehrsam believes that the underlying technology behind NFTs is still incredibly valuable.
According to him, it’s inevitable that with new technologies people will “try a bunch of stuff” and most of it won’t work in the beginning.
“The technology itself is really important and really valuable over the long run, and there will be a few things that end up being fundamental building blocks that really do matter,” he said.
In the same interview, Ehrsam also said that people shouldn’t be so quick to dismiss meme-based cryptocurrency Dogecoin (CRYPTO: DOGE).
“If crypto has taught us anything, it’s never to dismiss a good meme that could later manifest into more concrete progress.”
Ehrsam, who founded Coinbase with Brian Armstrong in 2012, left the company in 2017 to found cryptocurrency investment firm Paradigm.
The company has led investment rounds in several crypto companies, including BlockFi, Chainalysis, and Facebook, Inc’s (NASDAQ:FB) upcoming cryptocurrency Diem.
Price Action: At press time, the leading cryptocurrency Bitcoin was trading at $37,880, down 3.70% in the past 24-hours.