A large part of the world is divided between those who support cryptocurrency and those who don’t. But even those who don’t, can’t ignore the fact that it’s one of the fastest-growing industries. While we grasp the potential of this industry, a derivative of cryptocurrency has attracted far greater attention. NFTs, or non-fungible tokens, are selling for millions of dollars at auctions. Yet, not everyone is convinced about them. The latest of the lot is US sports commentator Joe Rogan, who recently called NFTs a “cryptocurrency hustle”.
“It’s a weird hustle, I think it’s like a cryptocurrency hustle. It doesn’t make any sense to me,” he said in recent comments on his podcast.
NFTs are a kind of ownership that the buyer gets for a computer-generated image, video, painting etc. NFTs are non-fungible, meaning they are unique and cannot be replicated. The ownership is based on blockchain technology just like cryptocurrencies.
haha poor Jamie tried really hard to explain NFTs to him but Rogan is just hopelessly ngmi lol pic.twitter.com/KJzINnb0ZU
— Gramatik (@Gramatik) September 27, 2021
When asked by the guest, Patrick Bet-David, an entrepreneur, whether he is open to NFTs, Rogan said, “No, not interested.” Asked again why he is not interested, the sports commentator called it a “weird hustle”. However, Rogan admitted he owned “a little bit” of cryptocurrencies. Then he was shown an image – of a bored ape – and informed that its NFT would cost him around 99 Ether (ETH). Surprised, Rogan said, “That image is worth $340,000 (Rs. 2.52 crore).”
“Here’s my problem, I can have that photo and I can have it on my phone,” he said.
Rogan then said that he found the NFT’s concept difficult to understand, arguing that if he can download a digital artwork on his phone and look at it for free why should he pay a huge amount to own it on the blockchain.
Rogan’s video has gone viral on the Internet and this has happened at a time when the NFT market has exploded with weekly sales volumes peaking above $ 1 billion (Rs. 7,414 crore) towards the end of August.