Fortnite founder Tim Sweeney claims that NFT “Goes in a different direction”but there is now more speculation than real value in it.
Fortnite creator Tim Sweeney criticizes the state of the NFT market
Tim Sweeney, co-founder of the studios behind Hitman, Gears of War and the wildly popular Fortnite, says Non-Convertible Token (NFT) technology is growing, but due to factors such as transaction costs and “Wild, speculative mess”may not become part of the mainstream.
His words are the answer to the entry on blog metaversed.net entitled “Into The Void: Where Crypto Meets The Metaverse”. It is a text written by Delphi Digital, a consulting, research and investment company. This is an extensive essay concerning, inter alia, gaming market.
In a short tweet, Sweeney praised the article and admitted that blockchain and NFT technology did “Most likely paths” market development metaverse. Only that he also criticized certain elements, e.g. the cryptocurrency market.
1) The state of the art is far from the 60Hz transactional medium needed for 100M’s of concurrent users in a real-time 3D simulation
2) Don’t read this as an endorsement of cryptocurrency investment; that’s a wild, speculative mess
But the tech is going places.
– Tim Sweeney (@TimSweeneyEpic) January 30, 2021
The problem of speculation
Sweeney is not the only major entrepreneur to have spoken out on the NFT in recent weeks. A few days ago, Mark Cuban released a series of 10 NFT animations in which you can see him… dancing. They were all sold out within hours. Analysts also managed to identify two businessman-related wallets that contained dozens of lesser-known cryptocurrencies, as well as fairly large token values from DeFi projects such as Aave and Sushiswap. This shows that Cuban is slowly starting to invest in the blockchain market.
At a similar time, the trader also said in a TV interview that NFT prices are “Overpriced” due to low interest rates, which indicates that his interest in this market may be purely exploratory.
Both Cuban and Sweeney have good reason to question the exorbitant valuations of cryptocurrencies and tokens. There has been a large bull market on the market for several months. For example, last weekend, the CryptoPunk project was sold for 605 ETH, or over $ 750,000 at the time of the transaction.
Today, Bitcoin alone costs $ 33,500, or 3%. more than 7 days ago and the same as yesterday.