Crypto thought leader Punk6529 weighs in on NFTs, calling them “cultural objects” that mostly will not maintain long-term financial value.
Pseudonymous crypto legend Punk6529 is famously represented on Twitter by a CryptoPunk NFT and has a collection that has generated about $24 million in trading.“The overwhelming majority of NFTs … will not manage to maintain financial value,” Punk6529 said during a recent appearance on The Scoop podcast with Frank Chaparro. “Someday we might discover that like 90% of today’s collections are dead and illiquid and nobody wants them.
Although skeptical of the NFT market from an investment perspective, Punk6529 said that they definitely can serve a purpose.“NFTs are crypto’s first true consumer application,” Punk6529 said. He first started buying NFTs in 2017 and then later purchased “a completely irresponsible number” of them around 2020. He takes his name from the CryptoPunk NFT that doubles as his profile picture onBut acquiring NFTs for investment purposes is now largely a “misguided” notion, he said.