A Fool's Game: Bill Gates criticizes the intangible value of NFTs
Tech billionaire, and currently the world’s fourth-richest person, Bill Gates, spoke at the TechCrunch climate change conference Tuesday about the progress society has made in supporting the climate movement, his assessment of current global economics, alongside his skepticism of NFTs.
The NFT market has closely correlated the tumultuous financial decline of cryptocurrencies over the past few months, as previously sought-after collections resort in the vicinity of 60-80% reductions in value. As a result, cynical attitudes have emerged to dominate the industry narrative.
In his interview, Gates singled out the market's most popular collection, Bored Ape Yacht Club, sarcastically stating, “Obviously expensive digital images of monkeys are going to improve the world immensely,” adding, “We all agree on that.”
In financial terms, the greater fool theory refers to the inflated valuation of assets — whether that be stocks, real estate or indeed NFTs — distributed between the hands of foolish willing participants.
Microsoft's inaugural affiliation with NFTs came while Gates occupied a seat on the board in December 2019 with the launch of Azure Heroes, an Ethereum-based digital collectible on the Azure cloud platform designed to promote and reward inclusive behaviors between developers.
The beaver avatars ascend in rarity level determined by the difficulty of attainment, with the learner being the entry-level asset, and the prized possessions being the Mentor and Maker Badgers.
Just over two years later, Microsoft released “Azure Space Mystery” a digital game in partnership with Enjin and interoperable with Minecraft which educates players on prominent female scientists throughout history.
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