Tech billionaire Bill Gates has dismissed NFTs as “100 percent based on greater fool theory” — the financial concept that even overpriced assets can make money as long as you find a bigger idiot to sell them to.
Speaking to an event about climate change hosted by TechCrunch , Gates stated that he prefers investing in tangible outputs like factories or farms, and that he does not hold any position in NFTs or cryptocurrencies. “I’m not involved with that. Gates stated that he is not involved in those activities. This suggests that Gates was suspicious of assets intended to “avoid taxes or any type of government rules
” “Obviously, expensive digital pictures of monkeys will improve the world tremendously,” said Gates, referring specifically to the NFT flagship project Bored Ape Yacht Club.
It’s not the first time Gates expressed doubts about cryptocurrency. In an interview from February 2021, he worried about the dangers of regular investors buying into Bitcoin, especially when the cryptocurrency’s value was so volatile and could be tanked on the basis of a tweet from a prominent investor, like Elon Musk.
“I do think people get bought into these manias who may not have as much money to spare,” said Gates in 2021. “My general opinion is that you should watch out .”
if you don’t have as much money as Elon.
Gates’ warnings of volatility were spot-on. When he was speaking in 2021, Bitcoin was surging in price and would reach a height of $63,000 in April that year. It would then slump dramatically, before rising again to an all-time high of more than $64,000 last November.
Since then, the price of Bitcoin has crashed once again, and at the time of writing is trading just above $20,000. This dramatic fall is part of a wider set of convulsions rocking the crypto world, after the collapse of so-called “stablecoin” Terra in May and the ongoing failure of crypto lending platform Celsius.
Similarly, prices for NFTs have also fallen sharply. The value of some of the most important projects, such as the Bored Ape Yacht Club have more than doubled. As buyers look for digital assets at bargain prices, the trading volume has also increased. They may have subscribed to the greater-fool theory about NFTs like Gates. If they could only find more idiots, they would be confident.
E-commerce giant Ebay files trademark applications covering a wide range of Metaverse and NFT Services
E-commerce giant Ebay has filed two trademark applications covering a wide range of products and services relating to the metaverse and non-fungible tokens (NFTs).
Ebay’s NFT, Metaverse Trademark Applications
Ebay Inc., Nasdaq:EBAY), filed two trademark applications last week with the United States Patent and Trademark Office. They covered a wide variety of products and services that relate to non-fungible tokens and the metaverse.
Mike Kondoudis (USPTO-licensed trademark lawyer), tweeted Tuesday that eBay Inc. was coming to the metaverse. He said that the filings indicated the e-commerce giant’s plans to create virtual good marketplaces and online retail stores selling actual and virtual goods. NFTs, NFT Exchanges and NFT Trading are some of the NFT plans. The applications’ serial numbers are 97473696 and 97473620.
One day before Ebay filed the two trademark applications, the company announced that it has acquired NFT marketplace Knownorigin. According to Ebay, the two companies signed and closed the deal on June 21.
Ebay CEO Jamie Iannone described at the time: “Ebay is the first stop for people across the globe who are searching for that perfect, hard-to-find, or unique addition to their collection and, with this acquisition, we will remain a leading site as our community is increasingly adding digital collectibles.”
The e-commerce platform began allowing NFT sales in May last year, citing a “massive wave of attention” in the area.
This month, McKinsey and Company said that the metaverse could generate $5 trillion by 2030. “By 2030, it is entirely plausible that more than 50 percent of live events could be held in the metaverse,” the company noted.
In addition, a survey conducted in April showed that the metaverse will be the most popular place for crypto, with 70% of respondents agreeing that “cryptocurrency and blockchain technology advancements will be critical to shaping the future of the metaverse.” Moreover, Citigroup predicted that the metaverse could be a $13 trillion opportunity with 5 billion users by 2030 while Goldman Sachs sees the metaverse as an $8 trillion opportunity.
What do you think about Ebay filing trademark applications covering metaverse and NFT services? Please let us know your thoughts in the comments below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection of cryptography and economics.
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Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or related to the use or reliance of any content, goods, or services in this article.
Cryptoys raises $23 million to mix NFTs, Gaming and Virtual Toys
Cryptoys, an NFT-based startup, announced it has raised $23 million in a Series A funding round led by a16z. The company, which aims to combine NFTs with the worlds of gaming and virtual toys will create a “cryptoyverse” where it will implement play-to earn features and issue its tokens.
Cryptoys Raises $23 Million in Series A Round
The NFT market is in a slump phase, which is affecting both the prices and popularity of NFT project. There are still projects that have survived and thrived. Cryptoys is one such startup. It has just announced that it had closed a successful funding round.
The Series A funding round, which raised $23 million, was led by a16z crypto, with the participation of other companies and firms including Mattel, Dapper Labs, Draper & Associates, Acrew Capital, Coinfund, Animoca Brands, and Sound Ventures.
The company will use these funds to further develop its own platform, dubbed “cryptoyverse,” which aims to entice a younger crown to engage with NFTs and play-to-earn services on top of the Flow blockchain, the same tech used by Dapper Labs to deploy its well known NBA Top Shot app.
Cryptoys CEO Will Weinraub spoke out about the inclusion of younger users on this gaming and play-to-earn platform.
You have to step back from the Web3 maximalism. It’s necessary to start small to get millions or millions of people on board with these new paradigms.
Arianna Simpson, a general partner of a16z, who also participated in the seed round of the company, stated:
The high-quality storytelling and creative work of the Cryptoys team will delight and excite future generations of collectors and consumers.
Operations and Partnerships
The company also stated that it will pursue other activities such as gaming, where users can win NFTs in order to gain access to the platform. The platform plans to issue two tokens for monetization: Binary Dust and Toyken.
Cryptoys has recently entered into a partnership agreement with Mattel. This funding round also saw the addition of some of the company’s classic toys. According to reports, these IPs might include toys like Hot Wheels, Barbie, and Masters of the Universe, but none have been confirmed as of yet by the company. These avatars will be sold to be used in Cryptoys’ cryptoyverse.
What do you think about Cryptoys’ $23 million Series A funding round? Please leave your comments below.
Sergio is a Venezuelan cryptocurrency journalist. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. He is a computer engineer by trade, and he lives in Venezuela. This has influenced him to offer a different perspective on crypto success and how it can help the underbanked and unbanked.
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Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.
E-Commerce Giant Ebay Acquires NFT Marketplace Knownorigin
The e-commerce and online auction giant Ebay has announced the company has acquired the non-fungible token (NFT) marketplace Knownorigin. Ebay declared that the acquisition is an “important step in Ebay’s tech-led reimagination.”
Ebay Purchases NFT Marketplace in Order to Make E-Commerce Site the World’s Top Destination for Collectibles
Ebay revealed on Wednesday that the company has purchased the NFT marketplace Knownorigin. Last February, Ebay’s chief executive officer, Jamie Iannone, discussed NFTs, cryptocurrencies, and how the company continues to “evaluate other forms of payments.” Knownorigin is a UK-based company and according to dappradar.com stats, the marketplace has seen $7.8 million in all-time sales.
The e-commerce and online auction corporation said on Wednesday that the acquisition is an “important step in Ebay’s tech-led reimagination, ushering in a new era of digital collecting to the world’s top destination for collectibles.” CEO Jamie Iannone also spoke about the acquisition and said that the NFT marketplace was a leader in the digital collectibles industry. Ebay, however, did not disclose the financials behind the deal and the company said the deal was signed and closed on June 22, 2022.
“Ebay is the first stop for people across the globe who are searching for that perfect, hard-to-find, or unique addition to their collection and, with this acquisition, we will remain a leading site as our community is increasingly adding digital collectibles,” Iannone explained in a statement. The Ebay CEO added:
Knownorigin has built up an impressive, passionate, and loyal group of artists and collectors making them a perfect addition to our community of sellers and buyers. We look forward to welcoming these innovators as they join the Ebay community.
Ebay’s Knownorigin acquisition comes during the crypto winter, and a time when many believe there will be quite a bit of mergers and acquisitions within the crypto industry. During the first week of June, Ripple Labs CEO, Brad Garlinghouse said: “I think there’ll be an uptick in M&A in the blockchain and crypto space.” Additionally, FTX CEO Sam Bankman-Fried explained at the end of May that FTX is ready to deploy billions on acquisitions.
Two days before the Knownorigin acquisition, the company that operates the decentralized exchange (dex) Uniswap, Uniswap Labs, announced that it acquired the NFT aggregation platform Genie. “In pursuit of our mission to unlock universal ownership and exchange, today we’re expanding our products to include both ERC-20s and NFTs,” Uniswap Labs detailed. “We’re excited to announce that we’ve acquired Genie, the first NFT marketplace aggregator, which lets anyone discover and trade NFTs across most platforms.”
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What do you think about Ebay acquiring Knownorigin? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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