NFTs, or nonfungible tokens, are unique digital assets, including jpegs and video clips, that are represented by code recorded on the blockchain, a decentralized digital ledger that documents transactions. Each NFT can be bought and sold, just like a physical asset, but the blockchain allows for ownership and validity to be tracked.
Sundaresan is very supportive of NFTs, but, "I don't think NFTs will hold the same kind of hype forever around high-value items," he said.
"The market will get divided. There will be very few high-value items and an infinite number of very low-valued items."
Similarly, Mike Winkelmann, the artist known as Beeple, compared the NFT market to the dotcom bubble. Just as certain companies, like Amazon, survived the eventual bust, and others did not, Winkelmann predicts that parts of the NFT market will thrive while others will wither.
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