Jim Cramer, host of Mad Money on CNBC, said he recently bought Ethereum (ETH) as a play on the NFT … [+]
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Watch this: in April, CNBC Mad Money host Jim Cramer said people buying non-fungible tokens (NFT) are buying things that don’t exist. “We have people trying to put prices on things that didn’t exist — think non-fungible tokens,” he said in April. He wasn’t saying don’t invest in them, but he was equating them with bubbles bound to pop.
On October 12, Coinbase, one of the biggest cryptocurrency exchanges used by retail investors, said it would add an NFT marketplace to its platform. And so two weeks later, on October 28, Cramer said he was betting on the roughly $10 billion NFT market by buying Ether tokens.
“In all honesty, I was gambling,” Cramer said. “I was simply gambling on crowd psychology. I have no idea whatsoever why these things went up.”
Jim, CrAmerica are all crypto gamblers now.
Like the guys selling strange tokens in a bar in Tatooine in the Star Wars universe, we are all playing with these oddball chips, most of them only having value in one bar. No one knows why they go up.
I own Enjin coin as a play on NFTs. I have no idea why it’s been up 10% in the last week. Coinbase’s announcement happened over two weeks ago.
“The future has no gatekeepers,” says Tom Hale, founder & CEO of new decentralized NFT platform, Melon. “It’s an open future where creators, brands, and fans connect directly. We see a future where brand-creator collaborations and creator-to-fan relationships take place directly on a decentralized web. That’s a future with more power for content creators and their fans,” he tells me.
Maybe this is why Enjin is up. People are seeing the future more clearly.
In short, NFTs are digital artworks, audio clips, video clips. They are priced in crypto. Sometimes they are priced in fiat. It’s a new world….
