PremiumNFT has become the talk of the town for the potential of the technology, with celebrities cashing in on the nascent market. However, there are concerns over trading scandals, valuations and what NFT buyers gets for their purchase
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Vignesh Sundaresan, popularly known as MetKovan, had spent $69.3 million (around ₹520 crore) Beeple non-fungible token (NFT) earlier this year. Instead of looking for returns on his investment, the serial entrepreneur would be happy if everyone downloads his NFT for free.
Sundaresan's massive price for “Everydays: the First 5000 Days" had drawn attention to the NFT market, which has now become immensely popular. The reason behind his desire for allowing everyone to have it for free is what he describes as the “beauty of NFT".
NFT has become the talk of the town for the potential of the technology, with celebrities cashing in on the nascent market. However, there are concerns over trading scandals, valuations and what NFT buyers gets for their purchase.
Talking to Bloomberg, Sundaresan said, “At the end of the day, information wants to be free. You try to have paywalls, you try to do so many things. But even those methods of having information or data inside walled gardens of any kind of security, they’ve not done very well on the internet."
“What NFTs do, instead of giving the importance to that copy of the file, it kind of gives importance to something else big. The idea that some person supported an artist at some time and this was the memorabilia," he added.
Sundaresan suggested that not everyone needs to pay for an NFT, but only a few. Those who do pay for the production and it can get credit for being a part of the production.
During his interview, Sundaresan said he is not personally involved with big-name series like CryptoPunks or Bored Ape Yacht Club. He said he doesn't want to be part of something very exclusive and instead on creating something very inclusive.
“I want to figure out other ways of scaling the number of connections we have on the internet. These projects will have to figure out why they’re limited to these many numbers, and what effect will that have on what they can do in the world," Sundaresan said.
Talking about his preferred tokens, Sundaresan said, “Today, the most exciting area for me is parachains, which are part of Polkadot. Polkadot is just a skeleton and there can be so many chains that attach to the skeleton, and can scale themselves."
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