Bill Gates says 'NFTs are 100% based on stupid theory'

Microsoft founder and millionaire Bill Gates participated as a guest at a

climate change-related conference held by overseas media TechCrunch, and developed his theory on the economy and climate change. In it, Gates mentioned ' Non-Fungible Tokens (NFTs) ' and said that ' NFTs are based on 100% stupid theory .'

Bill Gates on economic turbulence, crypto and whether we can still avoid climate disaster | TechCrunch

NFT is a technology that can secure uniqueness by giving tokens to digital data that could be copied infinitely in the past, and with the advent of NFT, ' the oldest existing Twitter post ' and ' a girl who smiles in front of a burning house ' Digital data such as ' photographs ' are sometimes traded at high prices of several hundred million yen.

Many of the high-value data traded on NFTs do not seem to be of high value at first glance. For example, the art group 'Bored Ape Yacht Club (BAYC)' sells many monkey images such as the following as NFTs, and some monkey images are traded for millions of yen. increase.

'(NFT) is based on a 100% ridiculous theory,' Gates said at the TechCrunch conference. Furthermore, regarding the monkey images sold by BAYC above, he said, 'The expensive digital images of monkeys will greatly grow the world,' and ironically the current situation where NFTs are being traded at high prices. You can see Gates' actual remarks in the movie included in the tweet below.

In addition, Gates said, 'I will invest in farms, factories, companies that manufacture products, etc.' and appealed not to participate in NFT transactions, '(NFT) avoids government rules such as taxation.' I suspect that it is for doing so, 'he said.

In addition, Mr. Gates pointed out the adverse effect on the environment due to the large consumption of energy for Bitcoin in 2021, and has shown a negative attitude toward virtual currencies and NFTs that consume a large amount of energy at the time of transactions.

Bill Gates says 'Bitcoin has a bad effect on the earth' --GIGAZINE

by Sam Churchill

in Note, Posted by log1o_hf