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Charlie Lee, creator of LightQueen: NFT is like ICOs in 2017


LightQueen creator Charlie Lee wrote in a recent tweet, noting the similarities between the unparalleled tokens and the scandalous early coin offerings in late 2017, that few of these tokens are valuable and most are gone.

to the the report Cryptocurrency, LightQueen co-founder Charlie Lee seems to be interested in NFTs, a growing digital currency sub-sector that has grown quietly in the past, but in recent months has grown to $ 3.44 billion. The explosion limit has not been reached.

Charlie Lee explained on Twitter why he is not a fan of this emerging field. He wrote on Twitter on March 2:

I see a lot of similarities between NFTs in 2021, ICOs in 2017 and Altcoins in 2013. Similar features:

Building a new model is done without any obstacles.
It is easy to understand and explain.
It draws many newcomers to the realm of digital currencies.
High prices and expensive pumps lead to hype and fear of falling behind (FOMO).
Few of them remain and are valuable, and most of them are lost.

The NFT فر sub-market has experienced tremendous growth in recent months. The sector, whose total value in 2019 was less than $ 300 million, reached more than $ 1 billion in 2020, and its current value is $ 3.4 billion. NFT. Trading volume has also expanded.

According to Dappradar, the average trading volume in March 2020 was below $ 30,000. However, this number now reaches tens of millions of dollars in just one day. The high trading volume of NFT‌ platforms has also caused them some trouble. Several platforms such as CryptoPunks, NBA Top Shots and OpenSea will experience $ 1 million in sales per NFT in 2021. An issue that has been widely criticized.

These criticisms are not in vain. An anonymous digital currency investor nicknamed DeFi Ted, who is also an advisor to an insurance project called Cover Protocol, has shared his experiences with Tapshat prophets on Twitter. In this tweet, he points out the problems he encountered in the process of withdrawing his money and writes:

Here is my painful experience with “Dapper labs”. There is nothing hidden. I take responsibility for any criticism.

Defy Ted claimed on Twitter that the Top Shots platform did not respond to a request to withdraw from his account. This calls into question the project’s ability to pay its debts.

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