Evans: CryptoPunk prices are driven by shallow culture and unrealized Ethereum gains
Benedict Evans · What we know about web 3 so far · Nov 15, 2021 · at 29:07
Benedict Evans discusses whether high NFT valuations reflect sustainable cultural value or recycled paper wealth among crypto traders.
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“The challenge with CryptoPunks or so on is that, The cultural base for that is very, very shallow and very, very recent, and you also, it's very hard to unpick how much of this is somebody that genuinely thinks that thing is worth a million dollars of their money, and how much of that is somebody who's made a very large amount of paper gain on, on Ethereum's share price and Ethereum's price, and is swapping it for another asset that they think will appreciate in the same way, and how much of it is people trading these things back and forth with each other in a very small group.”
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