Litecoin Creator Compares NFT’s Popularity To ICO Mania In 2017

The creator of the Litecoin cryptocurrency, Charlie Lee, noted the similarity of the growing popularity of the non-fungible token (NFT) market with the 2017 ICO boom and the 2013 altcoin craze.

Lee drew five parallels as arguments. Among them are the simplicity of creating and understanding the technology, zero value, attracting a new audience to the industry and high prices due to the hype.

NFTs and ICOs are also supported by celebrities. In February 2018, Hollywood actor Steven Seagal became the brand ambassador of the cryptocurrency startup Bitcoiin2Gen and actively promoted the ICO campaign in social networks.

In February 2020, the Securities and Exchange Commission (SEC) fined the actor $ 314,000 for concealing the reward received from advertising a startup token sale. In February 2021, the SEC accused the partners of Bitcoiin2Gen in fraud for $ 11.4 million.

In March, the singer Grimes sold the NFT collection with unreleased music for $ 6 million.

It is not the first time that the creator of Litecoin has criticized non-fungible tokens. In February Lee predicted the collapse of the NFT due to the “zero cost of their creation”.

Subscribe to ForkLog news on Telegram: ForkLog Feed – the entire news feed, ForkLog – the most important news and polls.

Read Also:  'Drinking driving' Park Si-yeon "I feel comfortable…I regret and reflect" [전문]

Found a mistake in the text? Select it and press CTRL + ENTER

.

Share on facebook
Facebook
Share on pinterest
Pinterest
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on email
Email

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Trending