According to digital art collector MetaKovan, non-fungible tokens are “ten times better than their physical counterparts”.
The pseudonymous art patron, recently exposed as blockchain entrepreneur Vingaresh Sundaresan, bought Beeples’ NFT “EVERYDAYS: THE FIRST 5000 DAYS” for $ 69 million earlier this year.
In an exclusive interview with Cointelegraph, MetaKovan explained the reasons behind his purchase, pointing out that NFTs have a number of advantages over traditional works of art: They are easy to transfer, they have no storage costs, and their property can be shared. They can also democratize the art world by making it more accessible to digital artists around the world, regardless of their nationality and social background.
MetaKovan even said that NFTs will bring crypto to the mainstream.
“A lot of people are being introduced to crypto by NFTs,” he explained.
The art patron rejected concerns about the potential risks of a growing speculative bubble in the NFT market. He believes the frenzy over NFTs is being made to speed adoption.
“If there is speculation, that’s fine because we’ll do everything quickly,” he said.
According to MetaKovan, the NFT market will ultimately affect the price of large cryptocurrencies like Bitcoin and Ethereum.
That could “happen in a year or so if a lot more people are using NFTs,” MetaKovan said.
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