Home Altcoins News Charlie Lee of Litecoin (LTC) is not Appreciative of NFTs He does not understand its Value

Charlie Lee of Litecoin (LTC) is not Appreciative of NFTs He does not understand its Value

NFT value

With Cryptocurrency you need to make sure that you learn about the fundamentals first, take action later.

Litecoin Foundation expressed, regardless of price, Litecoin will continue to have 100% uptime, be transparent, offer incredible speeds, be censorship resistant, provide store of value, give you freedom Day and night, block after block Litecoin is here to stay.

Charlie Lee has unshakable confidence on LTC.  Looking back in to Charlie Lee’s attitude towards LTC through years and yes his unhappy attitude towards NFTs:

If Bitcoin is very similar to gold, Litecoin is very similar to silver. When can I buy a Tesla with Litecoin?

I see a lot of parallels between 2021’s NFTs with 2017’s ICOs and 2013’s altcoins: – easy to create new ones with no barriers – simple to understand & explain – brings tons of new people into crypto – high prices & pumps create hype/FOMO – few will hold & have value, most won’t.

I want to add a clarification. I’m not saying that the digital artwork takes no effort and time to create. Some digital art are amazing and the artists are extremely talented and put in a ton of effort and time into them. But the NFT is not the artwork. Creating the NFT is cheap.

But know that if this is profitable, nothing stops me from flooding the market with other Chikun tokens or even an identical Powered Chikun token. So buyer beware.

With all that said, I’m 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.

Very obvious that Charlie Lee has no clue as to what makes NFT very valuable.

He also previously pointed to how, NFTs, on the other hand, create artificial scarcity. Because 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.

Unlike NFTs, real world art is not zero cost. It takes effort and time to create a piece. This is effectively Proof of Work. A famous artist like Picasso can only create thousands of pieces of art in his lifetime. This limitation creates scarcity, which helps keep the value high.

The problem with NFTs is that they are Non-Finite Tokens. There is zero cost to create unlimited number of tokens. Sure, Justin Roiland’s NFT is unique and awesome. But what’s stopping Matt Groening or Mike Judge or thousands of other artists from creating millions of new NFTs?

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Steven Anderson

Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9

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