Coinbase cryptocurrency exchange co-founder Fred Ehrsam, spoke about the status of cryptocurrencies and the era of NFT in his last interview with Bloomberg TV.
According to Ehrsam, NFTs will be devalued in three to five years. In an interview with Bloomberg TV on the 17th of June, Fred Ehrsam likened the cryptocurrency boom and dotcom boom of the 1990s with the state of the NFT in three to five years.
“I go so far as to say that 90% of NFTs produced, they probably will have little to no value in three to five years. You could say the same thing about early internet companies in the late ’90s.”
Inevitablely, people “try a bunch of stuff” and that most don’t work at first says Ehrsam
“People are going to try all sorts of things. There’ll be millions and millions of cryptocurrencies and crypto-assets, just like there were millions and millions of websites. Most of them won’t work,”
“The technology itself is really important and really valuable over the long run, and there will be a few things that end up being fundamental building blocks that really do matter,” he adds.
He also said that people should not be so fast at rejecting meme-based cryptocurrency Dogecoin, saying:
“If crypto has taught us anything, it’s never to dismiss a good meme that could later manifest into more concrete progress.”
Furthermore, Ehrsam believes China could thrash the United States in terms of crypto adoption adding that the U.S. and other countries can still bridge the gap with China, following their recent repression of trade and exploitation of cryptocurrencies.
Coinbase co founder also said that cryptocurrency is the next great thing and has the potential of creating as many jobs as the Internet has done.
Ehrsam co-founded Coinbase with Brian Armstrong in 2012 and left the company in 2017 to establish his own crypto investment company, Paradigm.