Amid a wider crypto market crash, rallies, and rather NFT News Roundup – Cars and Crypto Crashes
Turbulent time that some have dubbed the “crypto winter”, here are a few of the bigger stories and headlines surrounding NFTs, which have not gone unaffected by everything’s that’s been going on.
Bill Gates Discusses Cryptocurrency and NFTs at TechCrunch Event
Microsoft co-founder and billionaire Bill Gates had a few words to say on cryptocurrencies and NFTs at a TechCrunch event in Berkeley, California, citing the financial “greater fool theory”.
The theory suggests that you can still make money on overvalued assets, provided you can find a “greater fool” to buy the assets from you. The theory asserts that a sell-off can lead to massive price drops until the asset is being sold at its “fair value”.
Gates also did admit that he’s not involved in crypto or NFTs in any way and says he preferred asset classes with valuable output, joking that “expensive digital images of monkeys are going to improve the world immensely”.
Chevy Auctions Chevy NFT Alongside Actual Car
Chevy is jumping into the NFT space with an auction for some pretty rad artwork of a lime green Corvette Z06 created by Nick Sullo (xsullo).
Not only will the winner of the auction taking place from June 20th to June 24th get this Cyberpunk scene, but they’ll also be given the car that’s featured in the artwork, a Z06 painted in the unique “Minted Green” paint that Chevy promises will not ever be used for another production Z06.
The auction will only accept bids in Ethereum with all proceeds from the auction going to the DonorsChoose educational charity.
NFT Bored Ape Yacht Club Hit Hard by Wider Crypto Market Crash
Several popular NFT collections, most notably Bored Ape Yacht Club (BAYC), are dropping due to selloffs. This is the first time since August 2021 that the floor price for a BAYC NFT has dipped below $100,000 (as of June 14).
The prices of the NFTs have been affected by the wider crypto market crash and the falling price of Ethereum affecting the valuations of NFT collections including BAYC.