NFTs are like Ethereum-based ICO of 2017, says Ark invest former exec
A former leader of Ark invest firm shared how this crypto industry is moving toward a situation of a big crash like 2017.
Chris Burniske is the former leader of Ark invest firm and also he is an expert analyst in crypto. On 30 January, he tweeted on the current situation of the Crypto Market and explained how this is going to be a big dump situation.
Chris wrote that the NFTs industry is getting more financial growth than what it deserves and it possesses illiquid and high-risk signs.
Analyst claimed that the situation of NFTs based projects are much similar to the ICOs projects that were based on the Ethereum network in 2017.
Chris also noted that he doesn’t mean that NFTs are not important or worthy in terms of use cases.
In 2017, the crypto industry was full of ICOs projects. The majority of the people were launching their coins and also major scams took place. At that time, people were looking at ICOs projects to make Money but in 2017 the whole industry crashed with the end of the ICOs trend.
Further, Chris explained how 2013 faced a huge pump and then in 2017 ended Bitcoin and now we can see that 2021 already saw a huge pump in prices. So we are in 2022 with full fear to go down.
Chris noted that he is not fully sure but Bitcoin may touch bottom. However there is not much pressure on the industry to force people to sell everything, so we can hope that we are still in a good situation.
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