Invoice Gates says NFTs are ‘100 p.c primarily based on higher idiot principle’

TIME100 Summit 2022
Photograph by Jemal Countess/Getty Pictures for TIME

Tech billionaire Invoice Gates has dismissed NFTs as “100 p.c primarily based on higher idiot principle” — the monetary idea that even overpriced belongings can generate profits so long as you discover a greater fool to promote them to.

Talking at an occasion on local weather change hosted by TechCrunch, Gates mentioned he most well-liked investing in belongings with tangible outputs, like farms or factories, “or an organization the place they make merchandise,” and that he held no place in cryptocurrencies or NFTs. “I’m not concerned in that. I’m not lengthy or brief in any of these issues,” mentioned Gates, suggesting that he was additionally suspicious of belongings designed to “keep away from taxation or any form of authorities guidelines.”

“Clearly, costly digital photographs of monkeys are going to enhance the world…

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