Saturday, June 25, 2022

Bill Gates reveals how people are selling NFTs for so much

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Bill Gates has said that NFTs are based on a “fool theory” and that he prefers to invest in material goods.

Speaking at a climate change event hosted by TechCrunch, the billionaire said he prefers physical assets.

“Obviously, digital images of monkeys are going to improve the world immensely, and that’s so incredible,” he said sarcastically.

“I’m used to asset classes like a farm where they produce products or a company where they make products.” In total, Bill Gates owns about 242,000 acres of farmland valued at over $690 million – making him the largest private Farmland owners in the United States makes.

NFTs are “100 percent based on the fool theory – that someone will pay more for it than me.”

Bill Gates has also warned against cryptocurrencies in the past. Earlier this month, he said he prefers to invest his money “in things that have a valuable output” during an Ask Me Anything on Reddit.

“The value of companies is based on how they make great products,” wrote Mr. Gates.

“The value of crypto is just what another person decides someone else will pay for it, so not contributing to society like other investments.”

In a February 2021 interview, Gates also said he’s concerned about people going into “mania” when they “don’t have that much money to spare.” He said his “general thought would be that if you have less money than Elon, you should probably watch out.”

Right now, the crypto market is in a crash, with Bitcoin just a few hundred dollars from its 2017 peak, raising fears of another major selloff.

A drop below $20,000 means Bitcoin has erased all gains it has made since breaking its 2017 price record in late 2020, with some analysts predicting a similar capitulation of more than 80 percent from its current record high.

Sales of NFTs are down 92 percent since September. The apparent drop was seen during an auction of an NFT of Twitter co-founder Jack Dorsey’s first tweet, which was originally bought for $2.9 million but resold for just $280.

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