Why buy a $5 million JPEG that sits on your computer? Allow FEhrsam, early crypto champion and cofounder of Coinbase, to explain.
Usually, I’d go to people I know to ask them what the hell is going on with NFTs, but given that they’re all as shocked, and as dumbfounded, as I am, I had to turn to a true believer for answers. Someone who lives, breathes, eats, and sleeps crypto. So, I reached out towho cofounded the cryptocurrency exchange Coinbase, and is now the cofounder and managing partner of cryptocurrency investment firm Paradigm, which boasts more than a billion dollars in crypto assets.
Can you explain the psychology of wanting to buy a $5 million JPEG that sits on your computer that mostly only you can see, rather than say, a $5 million piece of art that sits on a wall that a lot of people can admire? Last month, OpenSea, the NFT marketplace, processed $3 billion in NFT sales. What happened last month that drove such a crazy number?
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