June 29, 2022

The American business magnate and Co-Founder of Microsoft – Bill Gates – blasted non-fungible tokens (NFTs) for not providing any use-cases to society. In his view, cryptocurrencies and digital collectibles are based on “the greater fool theory,” and people should be cautious when dealing with them.

With his comments, Gates was most probably referring to the Bored Ape Yacht Club (BAYC) – a popular NFT collection built on the Ethereum blockchain depicting different caricatures of monkeys. Over the past several months, the collectibles became a point of interest to numerous celebrities like Madonna, Neymar, and Serena Williams who spent hundreds of thousands of dollars to purchase some of them.

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