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Bill Gates Claims NFTs Are Totally Based on ‘The Fool’s Theory’

Since last year, NFTs and the Metaverse began to be a source of enthusiasm for various aspects of the technology industry, including even games.

While many aren’t confident that these new tools are compelling enough, we can’t deny that they can bring vast potential to many content creators. Even so, Bill Gates, one of the most important figures in the tech world, does not seem to support the NFTs.

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Bill Gates described NFTs as “100 percent based on the fool’s theory” — a financial concept that pushes the price of items beyond what they’re worth, so long as you keep finding bigger idiots willing to pay for them.

Speaking at a climate change event hosted by TechCrunch, Gates said he preferred to invest in items with tangible outputs, such as farms or factories, “or a company where they make products” and that he doesn’t participate in cryptocurrencies or NFTs.

He also suggested that he was suspicious of items designed to “avoid taxes or any kind of government rules.”

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To top it off, he also satirized the importance of NFTs for the betterment of humanity, citing the Bored Ape Yacht Club image collection as an example.

This is not the first time that Gates has expressed his skepticism about cryptocurrencies. In an interview in early 2021, he expressed his concern about the dangers of normal investors buying Bitcoin, especially when the cryptocurrency’s value was so volatile and could devalue based on a tweet from someone powerful like Elon Musk.

Gates’ prediction was accurate, as after hitting a high of $64,000, bitcoin has seen a brutal drop to around $20,000 in recent months, which has certainly taken a toll on its investors. The same has also happened with NFTs, which have seen a huge devaluation since their launch.

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For now, we can only wait to find out if the NFTs are a success or a failure.

Do you agree with Bill Gates?

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