NFT is likened to playing the lottery

 Many experts believe that spending money on the NFT is no different from buying the lottery

Other experts also have a pessimistic view. "As soon as a new technology comes out, there are immediately scammers around," Eric Barbry, a lawyer specializing in blockchain, told AFP. He also emphasized that the NFT market does not have its own regulation, so law enforcement agencies are forced to use the existing framework. However, this method only solves a limited way in case the player is cheated.

According to Molly White, a well-known crypto critic, regulations can help eliminate the problem of extreme speculation in the NFT. However, that also means that the most attractive element of this type of profit is quickly disappearing.

"In its current form, NFT trading is extremely risky and probably unwise for the average person," Ms White said. "We should refrain from exaggerating this kind of thing."

Down sign

NFT (non-fungible token) is a blockchain-based digital asset certificate that is transparently evaluated for legitimacy and ownership. In 2021, NFT becomes a phenomenon in the technology world with works selling from a few hundred thousand dollars to tens of millions of dollars. Many celebrities like Paris Hilton, Gwyneth Paltrow or Serena Williams boast of owning NFTs.

According to statistics of NonFungible, the total value of NFT transactions last year reached 17.6 billion USD, an increase of 21,350% compared to 82.5 million USD in 2020. However, entering 2022, the NFT field is showing signs. cooling effect. The number of NFTs traded in the first quarter of the year decreased by nearly 50% compared to the previous quarter. "The NFT market may be 'digesting' a large amount of work created last year, so it may not flourish in the first half of this year," commented NonFungible.
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