The markets once again seem to be inching towards a free fall. According to the latest data, the overall market cap of cryptocurrencies has dropped below $1.45 trillion from $1.75 trillion on Tuesday.
As the prices of all top altcoins continue to struggle, Coinbase co-founder Fred Ehrsam has warned crypto users of a grim future. According to Ehrsam, over 90% of the NFTs today will have no value in the next 3 to 5 years. In an interview with Bloomberg, Ehrsam said: “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.”
Ehrsam was one of the cofounders of the world’s biggest cryptocurrency exchange Coinbase. However, currently, he is not with Coinbase anymore and has started his own crypto investment company called Paradigm.
Comparing NFTs and mushrooming crypto coins to millions of websites that came up with the internet revolution, Ehrsam said 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 too, though.”
“The world doesn’t change overnight, but you can see the seeds of exponential growth occurring already. So, I do think we will live in a future where for us to coordinate, we won’t need these centralised platforms today. That’s already true of financial services, in that you can be your own bank. You don’t need a central institution to hold your money anymore,” he added.
