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'People have gone insane,' says Binance CEO of the NFT mania

04-Apr-2022 By: Sudeep Saxena
'People have gone in

  • The NFT frenzy is 'bonkers,' according to Binance CEO Changpeng Zhao, and "people have lost their minds."

Changpeng Zhao, CEO of Binance, is not really a supporter of non-fungible tokens (NFTs). He believes the NFT obsession is 'crazy,' and that "people are losing their minds." NFT may be anything from your artwork, sketch, song, GIF, or even a picture. On a blockchain - based distributed system, any virtual document may be converted into an NFT. It serves as an authentication certificate for artworks, music, films, and even tweets.In a new conversation with Fortune, Zhao stated that regardless of your feelings on NFTs, they cannot be ignored.They "restore artists' ability to monetise their work globally...and reach a far broader audience." "Some man in Singapore can spend $69 million for your paintings," he continues.The fact that NFTs are supported by Blockchain technology distinguishes them from other electronic information. For those who are unfamiliar, Blockchain is a distributed ledger in which all information is recorded. It's similar to a bank passbook, except that all of your transactions are visible to everyone and cannot be edited or updated after they've been logged.Not just Zhao, but also Ethereum co-founder Vitalik Buterin, are opposed to NFTs. Buterin is concerned about how non-fungible-tokens (NFTs) issued by the Bored Ape Yacht Club (BAYC) have become a symbol of wealth and prestige.Buterin described the ape avatar catalogue as "a different form of 'gambling'" in a conversation with Time magazine."The danger is that you have these $3 million monkeys, and it becomes a different form of gambling," he remarked, with Time magazine pointing out that he was referring to BAYC.Zhao stated earlier this month that the exchange is suspending the accounts of Russians subject by global penalties. "Binance scrupulously adheres to penalties guidelines. "Whoever is on the sanctions list will be unable to utilise our platform; those who are not will be able to," Zhao explained in an appearance. "It would be immoral for us to extend limits beyond the list of sanctioned persons," he continued.

In other developments, Binance is hiring over 100 people in the United Arab Emirates (UAE) and is assisting in the development of Dubai's new digital asset legislation, according to its respective authority. Binance's ties with the Gulf state have become stronger in recent years, as the UAE attempts to position itself as the world's new digital commodities centre and creates regulations.

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