NFTs are in a serious bubble right now. I don’t understand why any sane person will pay $1.3 million for the NFT of a rock. Maybe I don’t understand art, or this is just a money laundering technique people are using right now. After a rock NFT was sold for $100,000 now, another one has been sold for $1.3 million, which is a really exorbitant amount.
*NEW ETHER ROCK NFT SELLS FOR $1.3M pic.twitter.com/IoADl9xMcU
— Investing.com (@Investingcom) August 24, 2021
NFTs have become a technique of money laundering
I am not saying or alleging that the buyer of this NFT is involved in money laundering, but it is probable. Since I don’t understand why anyone will pay such a huge amount for this painting. In fact, money laundering is simple, and only a few things are required. First, the person needs to create an art piece like this which is actually pure trash. Then, the person will make a fake identity that will sell the painting and voila, the money laundering is done. This is also the reason that most buyers of such NFTs are anonymous.
As we realise this, the problem of NFTs is much larger than we thought. Apart from being a bubble that could burst anytime, it could suffer from a lot of legal angles in the future. Did you know that one single grey pixel sold for $1.4 million? Now, if that’s not money laundering, I don’t know what to say.
It’s not all bad
Yes, there are a lot of NFTs that are worth the money that they are bought for. For example, the ‘Everydays: the first 5000 Days’ NFT that was sold for nearly $69 million is a masterpiece that has been made over the years. There are many such examples like this. Some artists are actually making use of the NFT market in a great way to find the true value of their artworks. Companies are also taking advantage of the space to make money for their rare items, goodies and even video clips. This is why we should not outrightly reject the space, as it is serving as a great way for many artists to make a ton of money.
What are your thoughts on the New Rock NFT getting sold for $1.3 million? And do you think this is just a way of money laundering? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.