Fred Ehrsam, the co-founder of Coinbase cryptocurrency exchange talked about the state of cryptocurrencies and the era of NFT in his latest interview with Bloomberg TV.
In an interview on Bloomberg TV on June 17th, Coinbase co-founder Fred Ehrsam drew parallels between the rise of cryptocurrencies and the dotcom boom of the 1990s in relation to the state of NFTs in three to five years:
“I go so far as to say that 90% of NFTs produced, they probably will have little to no value in three to five years. You could say the same thing about early internet companies in the late ’90s.”
According to him, it’s inevitable that people will “try a bunch of stuff” and that most of it won’t work in the beginning:
“People are going to try all sorts of things. There’ll be millions and millions of cryptocurrencies and crypto-assets, just like there were millions and millions of websites. Most of them won’t work,”
“The technology itself is really important and really valuable over the long run, and there will be a few things that end up being fundamental building blocks that really do matter,” he adds.
At the same time, Ehrsam says said that people shouldn’t be so quick to dismiss meme-based cryptocurrency Dogecoin, saying:
“If crypto has taught us anything, it’s never to dismiss a good meme that could later manifest into more concrete progress.”
In the same interview, the Coinbase co-founder calls DeFi as the "bleeding edge" of the blockchain world.
Furthermore, the Coinbase co-founder believes China could beat the United States in terms of crypto adoption adding that the U.S. and other countries can still close the gap with China, following their recent clampdown on cryptocurrency trading and mining.
He also stated that cryptocurrency is the next big thing and has the potential to create as many more jobs as the internet has done.
Ehrsam founded Coinbase with Brian Armstrong in 2012 and left the company in 2017 to found his own crypto investment firm Paradigm.