Tech billionaire, and currently the world’s fourth-richest person, Bill Gates, spoke at the TechCrunch Climate Change conference Tuesday about the community’s progress in supporting the climate movement, his assessment of the current global economy, along with his skepticism about non-fungible tokens (NFTs). ).

The NFT market has been closely associated with the turbulent financial decline of cryptocurrencies over the past few months, with previously sought-after groups taking refuge in the vicinity of a 60% to 80% reduction in their value. As a result, satirical attitudes emerged to dominate the industry story.

In his interview, Gates singled out the most popular group on the market, the Bored Ape Yacht Club, saying, sarcastically, “Obviously, expensive digital photos of monkeys would greatly improve the world,” adding, “We all agree.”

“I am used to asset classes where they have production like a farm, or a company where they make products. Having an asset class that is 100% based on […] a specious theory that someone will pay more [for] […] more than I do — and where there’s this kind of tax avoidance anonymity or any kind of government rule about kidnapping fees or things […] I’m not involved in that. I’m not tall or short, or any of those things.”
In financial terms, the greater fool theory refers to the inflated valuation of assets – be they stocks, real estate, or indeed NFTs – distributed in the hands of willing, foolish participants.

Microsoft’s inaugural association with NFTs came as Gates took a seat on the board in December 2019 with the launch of Azure Heroes, an Ethereum-based digital suite on the Azure cloud platform designed to enhance and reward end-to-end behaviors among developers.

Beaver avatars ascend a level of rarity determined by difficulty of attainment, where the learner is the asset at the entry level, and the prized possessions are the mentor and badger maker.

Just over two years later, Microsoft released “Azure Space Mystery,” a digital game in partnership with Enjin and interoperable with Minecraft that educates gamers about notable female scientists throughout history.

RELATED: Xbox chief Phil Spencer skeptical about NFTs in video games

As for Gates, he has consistently called on crypto investors to adopt a cautious judgment when investing in the market, most recently in February declaring, “I think people are drawn to these geeks who might not have a lot of money to spare.” “I’m not optimistic about Bitcoin.”

Source: CoinTelegraph