Morgan Stanley warns about NFTs after Terra fiasco
A report, issued last week, noted that the steep declines of Bitcoin, Ethereum and other tokens was not tied to the decline in equity markets. Instead, wrote crypto analyst Sheena Shah, the higher prices were due to investor “speculation, with limited real user demand,” Coinbase reported.
That speculation, the note continues, isn’t limited to cryptocurrencies. Both NFTs and digital real estate in the metaverse have been just as vulnerable to speculation. And that raises concerns for both.Shah notes that many people bought NFTs with the expectation that they could sell them for a higher price to another buyer. And, with a few exceptions, that’s simply not happening now.
Source
@Metaverse_Web3_GameFi
