NFT CATACLYSMIC MARKET CRASH

NFT CATACLYSMIC MARKET CRASH


"FOR ME, THIS IS WHEN IT GETS VERY DANGEROUS AND IS AKIN TO A FINANCIAL BUBBLE."

NFT crash

Former investment banker Colborne Bell, who owns multimillion-dollar NFTs, has warned that the token market could be heading for a catastrophic crash, Fortune reports.

Bill joined NFT in early 2020 and has been building a massive group ever since. He also founded the Crypto Art Museum, an art exhibition center based on virtual reality.

While Bell has a huge stake in the future of NFTs, Bell is "prepared, I think, for a catastrophic stock market crash," he told Fortune. It's a very refreshing and honest insider look at what the NFT craze has become - and where it might be heading.


Wrong formula

The former banker said he was not there for the money. He promised not to sell any NFTs from his collection on display at the museum.

Bell claims that by displaying his artwork in his museum, he is only helping others "prove that he was here before the gold rush." He even bought an old church in Kingston, New York to bring the museum into the real world.

But there is a big problem, he says. Too many artists and too few buyers. "The barrier to entry for artists is much lower than for collectors," Bell told Fortune. "I don't think this formula works."

It's a startling revelation from someone who has been extensively involved and invested in trends and rare moments of self-reflection in this space.

"I have this idea of ​​doing everything NFT, and now it's worth it because it's NFT," Bell said. "It's a very risky time for me and it's like a financial bubble."

Selling Out

For Bell, the main purpose of crypto art is to be "counter-cultural", with the museum functioning as "a response to the rampant marketing happening here".

Perhaps a sarcastic statement given Bell's position. According to Fortune, one of his private collections is currently valued at only around $15 million.

Add to that the fact that many independent artists absolutely hate NFTs.

It remains to be seen, of course, if Bill will keep his word and not spend the money - even if the NFT bubble is about to burst.

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