What Binance CEO says about NFT mania?

    Not a fan of NFTs?

    Changpeng Zhao, the CEO of Binance, is not a fan of non-fungible coins (NFTs). He believes the NFT mania is “crazy” and that “people have gone insane.” Anything may be made into an NFT, including your artwork, music, GIFs, and even a selfie. On the blockchain distributed database, any digital file can be converted into an NFT. It serves as a seal of approval for artwork, music, films, and even tweets.

    Zhao recently told Fortune that no matter how you feel about NFTs, they can’t be ignored. “They enable artists to sell their work globally once more…and reach a far larger audience,” they say. “Some person in Singapore can spend $69 million for your art,” he continues.

    The fact that NFTs are underpinned by blockchain technology sets them apart from other digital forms. For the uninformed, a blockchain is a decentralized ledger that records all transactions. It’s similar to a bank account, except that all of your transactions are transparent and visible to anybody, and they can’t be edited or updated after they’ve been recorded.

    BAYC – A symbol of wealth and status

    Not only is the Binance CEO, but even Vitalik Buterin, the co-founder of Ethereum, is not a fan of NFTs. Buterin is concerned about how the non-fungible-tokens (NFTs) of the Bored Ape Yacht Club (BAYC) have become a symbol of wealth and status. Buterin termed the ape avatar collection “a different type of gambling” in an interview with Time magazine.

    “The danger is that you have these $3 million monkeys and it turns into a different form of gambling,” he added, according to Time magazine, referring to BAYC.

    Russian accounts FREEZED

    Zhao stated earlier this month that the exchange is freezing the accounts of Russians who are subject to international penalties. “Binance adheres to the sanctions regulations to the letter. Zhao said in an interview. “Those on the sanctions list will not be able to utilize our platform; those who are not will be allowed to,” Zhao said in an interview. “It would be unethical for us to extend the limits beyond the list of sanctioned individuals,” he continued.

    In other news, Binance’s regional leader announced that the company is hiring over 100 people in the United Arab Emirates (UAE) and is assisting in the development of Dubai’s new virtual asset legislation. Binance’s ties to the Gulf state have become stronger in recent months as the UAE attempts to establish itself as the world’s new digital asset center and creates a regulatory framework.

    Stay in the Loop

    Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

    Latest stories

    You might also like...