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Non fungible token - another scam
03 Jun 2022 (27 views)  


Non fungible token (NFT) uses blockchain technology to create a unique record. A person can create a NFT to represent any asset and sell it to a buyer for a large sum of money. The buyer buys the NFT token and not the asset. 

Someone asked for my view about NFT. I said that it is another scam. 

The buyers think that the NFT will appreciate in value like bitcoin did. Both bitcoin and NFTs use the blockchain technology. But the similarity ends there. 

There is a finite number of bitcoins. If the demand for bitcoin increases sharply, the price will also increase, due to scarcity. 

In the case of NFTs, there is no limit to the number of NFTs that can be created to represent different assets in the world. While a specific asset is unique, there is a countless number of different assets. 

This means that the supply of NFTs is limitless. 

My "common sense" prevailed. The NFT bitcoin has burst. See this article

Tan Kin Lian


Non fungible token - another scam
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Non fungible token (NFT) uses blockchain technology to create a unique record. A person can create a NFT to represent any asset and sell it to a buyer for a large sum of money. The buyer buys the NFT token and not the asset. 

Someone asked for my view about NFT. I said that it is another scam. 

The buyers think that the NFT will appreciate in value like bitcoin did. Both bitcoin and NFTs use the blockchain technology. But the similarity ends there. 

There is a finite number of bitcoins. If the demand for bitcoin increases sharply, the price will also increase, due to scarcity. 

In the case of NFTs, there is no limit to the number of NFTs that can be created to represent different assets in the world. While a specific asset is unique, there is a countless number of different assets. 

This means that the supply of NFTs is limitless. 

My "common sense" prevailed. The NFT bitcoin has burst. See this article

Tan Kin Lian