• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Saturday, June 14, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto NFTs

Binance CEO says “People have lost their mind”

by Om Chaturvedi
April 4, 2022
in NFTs
Reading Time: 2 mins read
0
Binance CEO says "People have lost their mind"

Credit: CNBC

TwitterWhatsappLinkedin

Binance CEO Changpeng Zhao just isn’t a giant fan of non-fungible-tokens (NFTs). He thinks that NFT craze is ‘bonkers’ and “people have lost their mind”. NFT is something beginning out of your artwork, drawing, music, GIF, and so on or perhaps a selfie will be became an NFT. Any digital file will be became an NFT on blockchain distributed database. It is a certificates of authenticity for paintings, music, movies, and even tweets.

You might also like

Magic Eden Review: User Experience, Features & Pros and Cons

Everything You Need to Know About Seedify Fund

What is Pudgy Penguins? Everything You Need to Know About the Adorable NFT Ecosystem

Binance
Credit: Binance.com

In a recent interview with Fortune, Zhao said whatever your opinion of NFTs, they cannot be ignored. They “allow artists to monetize their work globally again…and reach a much wider audience.” He adds, “Some guy in Singapore can pay $69 million for your art.”

What makes NFTs unique from other digital forms is that it is backed by Blockchain technology. For the uninitiated, Blockchain is a distributed ledger where all transactions are recorded. It is like your bank passbook, except all your transactions are transparent and can be seen by anyone and cannot be changed or modified once recorded.

Not only Zhao but Ethereum co-founder Vitalik Buterin is not a big fan of NFTs, Buterin is worried about how Bored Ape Yacht Club (BAYC) non-fungible-tokens (NFTs) have become a symbol of wealth and status. In an interview with Time magazine, Buterin called out the ape avatar collection “a different kind of ‘gambling”.

Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software. Binance was initially based in China, but later moved its headquarters out of China following the Chinese government’s increasing regulation of cryptocurrency.

NFT
Cerdits: Indy 100

NFT stands for non-fungible token—a unique, original digital asset that belongs only to its owner or owners. It’s a bit like a certificate of authenticity for artwork, music, videos, and even tweets.

NFTs can be sold individually or as part of a collection, as in the case of Bored Ape Yacht Club, a collection of thousands of digital ape illustrations on the Ethereum blockchain. Those who purchase an ape graphic as an NFT gain membership to an exclusive club with members-only perks like access to “the Bathroom,” a members-only online graffiti board. Celebrities like comedian and Tonight Show host Jimmy Fallon and Grammy-winning producer Timbaland are currently using their Bored Ape NFTs as their Twitter profile pics.

Whatever your opinion of NFTs, there is an undeniable plus, Zhao said: They “allow artists to monetize their work globally again…and reach a much wider audience.”

In the cast of last year’s record NFT sale, that “guy”—or guys—were MetaKovan (real name Vignesh Sundaresan) and Twobadour (Anand Venkateswaran), coowners of NFT-focused investment fund Metapurse. They wanted to add “a dash of mahogany” to the typically “monochrome…color scheme” of investors, financiers, and art patrons, the two blogged after the sale.

Tags: #Binance NFTNFT
Tweet54SendShare15
Previous Post

Shiba Inu releases metaverse project details

Next Post

Pudgy Penguins NFT sold for $2.5 million

Om Chaturvedi

Om is a final year Engineering student in Panjab University, Chandigarh. Content Writer by Choice. Special Interest in Crypto, Metaverse and AI. Three Years of Experience in writing and ambitious to bring change with Pen & thoughts.

Recommended For You

Magic Eden Review: User Experience, Features & Pros and Cons

by Techstory
March 25, 2025
0
Magic Eden Review: User Experience, Features & Pros and Cons

Magic Eden is a leading marketplace for trading NFTs across blockchains, including Bitcoin, Ethereum, Polygon, and Solana. Read on to find out what Magic Eden is, how it...

Read more

Everything You Need to Know About Seedify Fund

by Thomas Babychan
January 8, 2025
0
Everything You Need to Know About Seedify Fund

Seedify Fund has emerged as a leading name in the Web3 ecosystem, offering a robust platform for innovators, entrepreneurs, and enthusiasts within the blockchain space. Built on the...

Read more

What is Pudgy Penguins? Everything You Need to Know About the Adorable NFT Ecosystem

by Thomas Babychan
December 16, 2024
0
What is Pudgy Penguins? Everything You Need to Know About the Adorable NFT Ecosystem

In the ever-expanding world of NFTs, Pudgy Penguins has emerged as a standout project, blending charm, community, and innovation. What began as a collection of 8,888 unique penguin-themed...

Read more
Next Post
Pudgy Penguins NFT sold for $2.5 million

Pudgy Penguins NFT sold for $2.5 million

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?