When the NFT with Jack Dorsey’s first tweet looks like it will be sold for several million dollars, Peter Schiff says it’s worth nothing.
Today, we are witnessing a new fever in the world of cryptocurrencies. And it is that, if behind was the desperation to enter the sector of decentralized finance. Now it has moved to the sector of non-fused tokens or Non-Fungible Tokens. The best example of this being the high price achieved by the first tweet of Twitter founder Jack Dorsey. However, as he comments in the Tweet of the day, for Peter Schiff the NFT with Jack Dorsey’s tweet has no value.
Is a tweet valuable in an NFT?
It has always been difficult to predict new trends in technology. Especially when talking about the interrelationship between the digital world and the physical world. However, the step that art is taking towards virtuality seems obvious in hindsight. Well, the fact that NFT tokens can be created and validated as unique objects impossible to duplicate, makes them fulfill the same function as a physical work of art.
And not only that, NFTs also seem to be the natural next step for collectors around the world. Which now can acquire virtual objects, and keep them within a chain of blocks. Exactly what is being done right now with the first tweet from Jack Dorsey, founder of Twitter. Which is being publicly auctioned at an NFT for several million dollars.
Something that does not seem to convince Peter Schiff, a well-known crypto skeptic, for whom Dorsey’s tweet in an NFT is worthless. This is because, unlike any physical collectible, whoever wins the NFT with Jack Dorsey’s tweet will not actually own it, but only a digital representation of it.
“Anyone who buys NFT from @jack’s first tweet doesn’t really own the first tweet in the same way that someone who owns the actual phone Alexander Graham Bell used to make the first phone call. All he owns is a cryptographically autographed digital copy of that tweet. It has no value.
In this way, Peter Schiff seems to spread his well-known skepticism around the cryptocurrency world towards NFTs. Despite which, the sector of collectibles on Blockchain seems that it will do nothing but grow in the coming years.