The boss of Microsoft is obviously not a big fan of non-fungible tokens.
If they are currently in the bottom of the wave, the NFT had their heyday a few months ago. Virtual works of art registered on the blockchain have been snapped up at exorbitant prices, and if the scams are on the rise on social networks, they still constitute a significant market.
However, they are far from unanimous. While the President of the European Central Bank Christine Lagarde recently estimated that cryptocurrencies do “were worth nothing“, it’s the turn of another big name in technology to take a stand. At 66, billionaire and Microsoft boss Bill Gates also seems, very critical of the blockchain, and more particularly NFTs. About the Bored Ape Yacht Club in particular, he quipped: “It’s obvious that expensive digital images of monkeys are going to improve the world in a big way.“.
— TechCrunch (@TechCrunch) June 14, 2022
During a question-and-answer session organized by TechCrunch, the GAFAM guru explained that being rather accustomed to the production and sale of products, NFTs were “100% based on a biggest idiot theory” (Greater Fool in English). For the billionaire, the only way to make money with a non-fungible token is to find a person”pretty dumb” to buy it back for more than its initial value. The concept is not new, since it is reminiscent of the speculative art market. Note, however, that unlike an NFT, a table cannot be stolen via a simple phishing email.
Bill Gates doesn’t want to hear about crypto
During his interview, the boss of Microsoft clarified that he was not involved in any crypto investmentand that he did not intend to enter the market “neither in the short term nor in the long term“. In 2018, the businessman had already criticized this new market, accusing it of killing people “quite directly“. At the time, it referred to the anonymous use of non-fiat currencies in illegal and criminal activities. Faced with the success of bitcoin in certain developing countries, Bill Gates had also warned against the volatility of the currency, which risked reinforcing the latent financial instability.