NFTs are like ICOs in 2017 and Altcoins in 2013 – Litecoin Creator

March 6, 2021 Editor Altcoin 0

Summary:

  • Charlie Lee has compared the current NFT boom to ICOs in 2017 and altcoins in 2013
  • He cites that NFTs are easy to create, simple and are bringing in new people into crypto
  • Charlie Lee went on to point out that an NFT is a digital certificate to a collectible
  • Billionaire investor, Mark Cuban, is particularly interested in the NFT market
  • Global Google search volume for NFTs has also skyrocketed

The Creator of Litecoin, Charlie Lee, has likened the current NFT interest in the crypto-verse, to the ICO boom of 2017 and the introduction of altcoins in 2013. According to Mr. Lee, NFTs are easy to create with minimal barriers. They are also simple to explain and are thus bringing in new people into crypto. Mr. Lee shared his analogy of the NFT market to ICOs and altcoins via the following statement.

I see a lot of parallels between 2021’s NFTs with 2017’s ICOs and 2013’s altcoins:

– easy to create new ones with no barriers – simple to understand & explain

– brings tons of new people into crypto

– high prices & pumps create hype/FOMO

– few will hold & have value, most won’t

An NFT is a Digital Certificate to a Collectable Proving its Authenticity

In another Twitter commentary, Charlie Lee described an NFT as ‘a digital certificate to a collectible that can be easily, cheaply and perfectly duplicated’. He went on to explain that digital certificates cannot be duplicated and having them on NFTs proves their authenticity as explained below.

Part of the value of owning a collectible is the prestige to be able to say only I own it and can display the collectible. And no one else in the world can do that. NFT reduces that value to only I own and can display the certificate of authenticity.

Mark Cuban Invests in NFT Platform, Mintable

The rise of NFTs has also caught the eye of billionaire investor, Mark Cuban, who recently invested in the NFT marketplace known as Mintable. The team at Mintable made the announcement via the following tweet. The team at Mintable went on to express their gratitude to Mr. Cuban for his support and announced that the project will be carrying out a seed round in the coming weeks.

 

Google Search Volume on NFTs Explode to New Highs

The global interest surrounding NFTs is best exemplified by an increase in the number of google searches surrounding Non-Fungible Tokens. According to Google Trends, search volume surrounding NFTs has seen an exponential increment since 2021 began. The chart below, courtesy of Google, further demonstrates this fact.