Amid the ongoing NFT craze, the industry has seen its fair share of weird incidents. In one of such cases, a New Yorker auctioned a year's worth of fart audio clips recorded during the COVID-19 lockdown for $85. There have also been other cases and it appears everyone is trying to cash in on the latest cash cow.
Some crypto critics have used a handful of these cases to judge the booming sector, calling it a bubble waiting to burst. Some others have also criticized the sector for its energy consumption.
Richard Gardner, CEO of Modulus, has said that instead of highlight the positive sides of NFTs and blockchain technology, the media is focusing on tokenized tweets that are being sold for millions of dollars. Gardner believes that this could be bad for the general crypto industry if the sector turns out to be a bubble (which is less likely). He said:
This isn’t just a bubble. It will be harmful to the industry if it is defined by this bubble, and that’s exactly what opponents of digital assets and blockchain technology are going to try to do. They’re going to try to delegitimize this NFT craze based on its most absurd moments. And then they will try to tie it to digital assets.