{"id":178544,"date":"2021-02-15T12:40:57","date_gmt":"2021-02-15T09:40:57","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/nft-prices-will-eventually-crash-says-litecoin-creator-charlie-lee\/"},"modified":"2021-02-15T12:40:57","modified_gmt":"2021-02-15T09:40:57","slug":"nft-prices-will-eventually-crash-says-litecoin-creator-charlie-lee","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/nft-prices-will-eventually-crash-says-litecoin-creator-charlie-lee\/","title":{"rendered":"# NFT prices will eventually crash, says Litecoin creator Charlie Lee"},"content":{"rendered":"<p>&#8220;<strong># NFT prices will eventually crash, says Litecoin creator Charlie Lee <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvNmQxNTgyM2UtMGQyMC00NWExLWIzY2ItNjM4MWNjN2E4ZDc0LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>Non-fungible tokens are currently a major topic of discussion within the crypto space with creators and collectors alike jumping on the bandwagon.<\/p>\n<p>However, Litecoin (LTC) creator Charlie is of the opinion that the hype is unsustainable. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SatoshiLite\/status\/1361207250124038146\">Tweeting<\/a> on Monday, Lee said that, unlike \u2018real art,\u2019 NFTs have \u201czero cost\u201d of creation.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">With all that said, I\u2019m willing to be proven wrong. I created a unique NFT with my profile pic. It cost me nothing (well except for the ridiculous ETH gas fee) and no effort at all. Prove me wrong and show me that this has value: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/ucmu8KB1Us\">https:\/\/t.co\/ucmu8KB1Us<\/a><\/p>\n<p>\u2014 Charlie Lee [LTC\u26a1] (@SatoshiLite) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SatoshiLite\/status\/1361207250124038146?ref_src=twsrc%5Etfw\">February 15, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>According to Lee, artists in the real world are constrained by time and effort, likening this limitation to proof-of-work. For Lee, this restriction creates scarcity and therefore value for art pieces created by famous artists.<\/p>\n<p>\u201cNFTs, on the other hand, create artificial scarcity,\u201d Lee tweeted, adding, \u201cBecause of the near zero cost to create another NFT, the market will eventually be flooded with NFTs from artists trying to cash in on this craze. Supply will overwhelm demand and the prices will eventually crash.\u201d<\/p>\n<p>Lee\u2019s comments are a common criticism of NFTs \u00e0 la right click and save. However, there are arguments to be made for the art scene \u2014 both real-world and digital \u2014 being flooded by reproductions. However, the value of the piece often depends on the artist with collectors paying attention to the creator of a work of art, thus distinguishing it from other copycat pieces.<\/p>\n<p>Indeed, the ability to cryptographically sign art pieces is another oft-attributed benefit of NFTs, allowing artists to include metadata, file links, and other necessary copyright elements.<\/p>\n<p>With NFTs, scarcity becomes an expression of consensus, which is why an ultra-rare alien CryptoPunk sold for 605 ETH back in January. While it would be possible to recreate this rare item, it would not be part of the collection created by Larva Labs back in 2017.<\/p>\n<p>Hashmasks, another NFT collection, created 16,384 \u201ccards\u201d selling out over $10 million in its first four days as previously reported by Cointelegraph. <\/p>\n<p>Lee\u2019s critique also seems to limit NFTs to art and not the wider collectibles scene with elements like in-<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a> assets and digital land. Earlier in February, nine digital plots of land on the virtual realm Lunacia sold for about $1.5 million.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/nft-prices-will-eventually-crash-says-litecoin-creator-charlie-lee\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# NFT prices will eventually crash, says Litecoin creator Charlie Lee &#8221; Non-fungible tokens are currently a major topic of discussion within the crypto space with creators and collectors alike jumping on the bandwagon. However, Litecoin (LTC) creator Charlie is of the opinion that the hype is unsustainable. Tweeting on Monday, Lee said that, unlike&#8230;<\/p>\n","protected":false},"author":1,"featured_media":178545,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvNmQxNTgyM2UtMGQyMC00NWExLWIzY2ItNjM4MWNjN2E4ZDc0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[93386,74935,116,4965],"class_list":["post-178544","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-charlie-lee","tag-nonfungible-tokens","tag-art","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/178544","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=178544"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/178544\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/178545"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=178544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=178544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=178544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}