According to digital art collector MetaKovan, intangible tokens are “ten times better than their physical counterparts”.
The pseudonymous art protector, recently unveiled as blockchain entrepreneur Vingaresh Sundaresan, bought the NFT from Beeple’s “EVERYDAYS: THE FIRST 5000 DAYS” for $ 69 million earlier this year.
MetaKovan explained the motives behind his purchase in an exclusive interview with Cointelegraph and pointed 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 ownership can be shared. They can also democratize the art world by making it more easily accessible to digital artists around the world, regardless of nationality and social background.
MetaKovan even said NFTs will bring crypto into the mainstream.
“Many people will be introduced to crypto through NFTs,” he explained.
The art protector dismissed concerns about the potential risks of a speculative bubble growing in the NFT market. He thinks the frenzy surrounding NFTs serves to speed up adoption.
“If there is speculation, that’s okay because we make everything fast,” he said.
According to MetaKovan, the NFT market will eventually affect the price of major cryptocurrencies such as Bitcoin and Ethereum.
That could happen “in a year or so, when a lot more people will be using NFTs,” MetaKovan said.
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