{"id":192242,"date":"2021-03-02T18:22:16","date_gmt":"2021-03-02T15:22:16","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/litecoin-creator-draws-parallels-between-2021s-nft-and-2017s-ico-mania\/"},"modified":"2021-03-02T18:22:16","modified_gmt":"2021-03-02T15:22:16","slug":"litecoin-creator-draws-parallels-between-2021s-nft-and-2017s-ico-mania","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/litecoin-creator-draws-parallels-between-2021s-nft-and-2017s-ico-mania\/","title":{"rendered":"# Litecoin creator draws parallels between 2021\u2019s NFT and 2017\u2019s ICO mania"},"content":{"rendered":"

“# Litecoin creator draws parallels between 2021\u2019s NFT and 2017\u2019s ICO mania <\/strong>”
\n<\/p>\n

Charlie Lee, the creator of major cryptocurrency Litecoin (LTC), believes that the ongoing spike in popularity of the non-fungible token, or NFT, industry has much in common with the 2017\u2019s initial coin offering, or ICO, mania.<\/p>\n

Lee provided at least five similarities between 2021\u2019s NFT popularity with 2017\u2019s ICO mania, also comparing both to the altcoin craze in 2013 in a tweet<\/a> on Tuesday.<\/p>\n

According to the Litecoin creator, all three cryptocurrency phenomena look very similar as they are easy to create \u201cwith no barriers\u201d and simple to understand and explain. Lee noted that NFTs, ICOs and 2013\u2019s altcoins also have a big similarity in terms of adoption \u2014 as all of them bring, or used to bring \u201ctons of new people into crypto.\u201d<\/p>\n

Similarly to high prices and pumps of altcoins in 2013, ICOs and NFTs are associated with massive hype and fear of missing out. However, \u201cfew will hold and have value\u201d and most people did not or will not own them, Lee concluded.<\/p>\n

Lee previously expressed some bold criticism over the NFT industry, claiming that NFTs have \u201czero cost\u201d of creation in February 2021. \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 the creator of Litecoin predicted<\/a>.<\/p>\n

Lee is not alone in thinking that NFTs are the new ICOs as many crypto enthusiasts have drawn parallels between the two major concepts in the crypto industry recently. Michael Goldstein, president of the Satoshi Nakamoto Institute, also tweeted<\/a> Monday that \u201cNFTs are the ICOs of 2021.\u201d<\/p>\n

Andrew Kang, crypto investor and co-founder of Mechanism Capital, also took to Twitter<\/a> Tuesday to pinpoint<\/a> that NFTs have become increasingly popular among celebrities who may “rug all their fans,” implying they are purely looking for profits. <\/p>\n

Representing a new method for digitally buying and selling art and other media, NFTs have indeed gotten attention from popular celebrities recently, including Canadian musician Grimes and Linkin Park rapp<\/a>er Mike Shinoda. Celebrity endorsements apparently make up another solid parallel between NFTs and ICOs, as a number of ICOs in 2017 were largely supported by celebrities\u00a0including American music producer DJ Khaled and American actor Steven Seagal.<\/p>\n