Elon Musk Inspires The Rise Of NFT Tokens

ByTroy Morris

Jan 29, 2021

Lots of reactions have been trailing the release of a limited edition non-fungible token. Many crypto experts have shared their thoughts on the recently-released asset, and there have been different opinions about the digital coins.  Well-known entrepreneur and Dallas Mavericks’ owner Mark Cuban is the latest person to react to the newly launched token. He wasn’t satisfied with the NFT space’s valuation, stating that the asset values are inflated. He is equally unsatisfied with those in half-a-dozen classes known as “The RollUp 2021”.

On-chain operatives’ investigation suggests two NFTs belong to Cuban

In one of his tweets on Wednesday, Cuban described NFTs as a halfhearted token charitably sold out in short order. Two of the NFT tokens were bought by well-respected Twitter persons who just developed interests in the industry. Cuban, who doesn’t shy from discussing crypto matters, also revealed he possesses extensive decentralized finance and Ethereum holdings after including his wallets among NFT investors.

On-chain operatives were quick to investigate the list to confirm its authenticity. The investigation eventually yielded a great resume as they reportedly found out that two closely-related wallets consisting of over 1000 staked Aave, Sushi, and Ethereum(ETH) belong to Cuban. In what looks like he confirms on-chain sleuth’s discovery, the businessman jokingly tweeted he got his portions of shitcoins. Meanwhile, Cuban isn’t confident the NFTs have what it takes to sustain its new high market price.

Despite trading his own NFTs at a high price, the crypto-based millionaire revealed his concerns for the tokens to retain their increasing price tag over a long period. While speaking on CNBC this morning over the uproar concealing the runs of heavily shorted stocks, the entrepreneur claimed he might be forced to “hedged the hell out of his portfolio” because it worries him.

Bitcoin records short-lived increase in price

According to him, the price inflation witnessed by the Defi and NFT tokens is responsible for the speculations spreading around the crypto space that there has a low-interest rate from the public. He said low-interest rates of any business sector would increase the price and value of appreciable assets.
It is believed that Cuban’s decision to buy and sell Defi and NFTs is more of an experimental move to see if it will yield any profit. It is highly improbable he would want to invest big in non-fungible tokens as he believes their market value could crash sooner than expected. In other crypto news, Bitcoin’s Volatility is getting better after experiencing a significant 11% increase in price on Thursday.

The latest improvement in the asset’s price was masterminded by the world’s richest man, Elon Musk, via his Twitter account. Musk, the founder of the highly-rated Tesla company, added Bitcoin to his Twitter profile before tweeting that hundreds of dogecoin (DOGE) advocates have taken as a ringing approval of the token. Approximately one hour after his tweet, there was a tremendous increase in BTC price, reaching over $37,000. Though it couldn’t maintain the short-lived increment, many crypto enthusiasts will hope this is the beginning of the asset’s return to its financial prowess.

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