{"id":36513,"date":"2021-02-16T12:28:06","date_gmt":"2021-02-16T10:28:06","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=36513"},"modified":"2025-08-29T06:43:09","modified_gmt":"2025-08-29T03:43:09","slug":"litecoin-creator-predicts-nft-crash","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/litecoin-creator-predicts-nft-crash\/","title":{"rendered":"Litecoin creator predicts NFT crash"},"content":{"rendered":"<p>Litecoin creator Charlie Lee believes that non-fungible tokens (NFTs) will depreciate over time because of the &#8216;zero cost&#8217; of creating them.<!--more--><\/p>\n<blockquote class='twitter-tweet'>\n<p dir='ltr' lang='en'>NFTs, on the other hand, create artificial scarcity. Because of the near zero cost to create another NFT, the market will eventually be flooded with NFTs from artists trying to cash in on this craze. Supply will overwhelm demand and the prices will eventually crash.<\/p>\n<p>\u2014 Charlie Lee [LTC\u26a1] (@SatoshiLite) <a href='https:\/\/twitter.com\/SatoshiLite\/status\/1361191141761163272?ref_src=twsrc%5Etfw'>February 15, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async='' src='https:\/\/platform.twitter.com\/widgets.js' charset='utf-8'><\/script><\/p>\n<blockquote><p>\u201cUnlike NFTs, authentic works of art have value. Creating them requires effort and time. This, essentially, is Proof-of-Work,\u201d wrote Lee.<\/p><\/blockquote>\n<blockquote class='wp-embedded-content' data-secret='q6plCtmZUR'>\n<p>What is the Proof-of-Work (PoW) algorithm?<\/p>\n<\/blockquote>\n<p><iframe loading='lazy' class='wp-embedded-content' sandbox='allow-scripts' security='restricted' style='position: absolute; visibility: hidden;' title='What is the Proof-of-Work (PoW)? \u2014 ForkLog' src='https:\/\/forklog.com\/cryptorium\/chto-takoe-proof-of-work-i-proof-of-stake\/embed#?secret=twDTlKWHzD#?secret=q6plCtmZUR' data-secret='q6plCtmZUR' width='500' height='282' frameborder='0' marginwidth='0' marginheight='0' scrolling='no'><\/iframe><\/p>\n<p>Lee is convinced that NFT issuers are deliberately &#8216;creating artificial scarcity&#8217;. The situation will lead to more artists trying to earn money amid the hype around <a href=\"https:\/\/forklog.com\/en\/news\/nfts-as-a-new-class-of-virtual-assets-a-first-look-part-one\">NFTs<\/a>.<\/p>\n<blockquote>\n<p>&#8216;Supply will prevail over demand. Ultimately, prices will crash,&#8217; Charlie Lee predicted.<\/p>\n<\/blockquote>\n<p>The Litecoin creator created an NFT with his avatar and noted that it cost him nothing. Lee put the piece up for <a href='https:\/\/opensea.io\/assets\/0x495f947276749ce646f68ac8c248420045cb7b5e\/89637055966389316591284907203503458406686082208484164902285424301564974071809' target='_blank' rel='noopener'>auction<\/a> and asked to prove that he is wrong. At the time of writing, the highest bid stood at 1 WETH, or $1,797; four days remained before the auction ends.<\/p>\n<blockquote class='twitter-tweet' data-conversation='none'>\n<p dir='ltr' lang='en'>With all that said, I\u2019m willing to be proven wrong. I created a unique NFT with my profile pic. It cost me nothing (well except for the ridiculous ETH gas fee) and no effort at all. Prove me wrong and show me that this has value: <a href='https:\/\/t.co\/ucmu8KB1Us'>https:\/\/t.co\/ucmu8KB1Us<\/a><\/p>\n<p>\ud83d\ude02<\/p>\n<p>\u2014 Charlie Lee [LTC\u26a1] (@SatoshiLite) <a href='https:\/\/twitter.com\/SatoshiLite\/status\/1361207250124038146?ref_src=twsrc%5Etfw'>February 15, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async='' src='https:\/\/platform.twitter.com\/widgets.js' charset='utf-8'><\/script><\/p>\n<p>In January 2021, the collectible developer Topps Digital <a href=\"https:\/\/forklog.com\/en\/news\/bernie-sanders-mitten-meme-immortalised-in-collectible-nft-cards\">presented 18 NFT cards<\/a> featuring Senator Bernie Sanders in mittens.<\/p>\n<p>In early February, actress Lindsay Lohan sold a Lightning NFT at auction on Rarible <a href=\"https:\/\/forklog.com\/en\/news\/lindsay-lohan-sells-bitcoin-nft-at-auction-price-tops-70000\">for $70,000<\/a>.<\/p>\n<p>As noted, billionaire Mark Cuban has said that NFTs <a href=\"https:\/\/forklog.com\/en\/news\/mark-cuban-defi-and-nfts-hold-huge-potential-for-the-next-decade\">could become incredibly popular<\/a> in the next 10 years.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href='https:\/\/t.me\/forklogfeed' target='_blank' rel='nofollow noopener'>ForkLog Feed<\/a> \u2014 the full news stream, <a href='https:\/\/telegram.me\/forklog' target='_blank' rel='nofollow noopener'>ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Litecoin creator Charlie Lee believes that non-fungible tokens (NFTs) will depreciate over time due to the &#8216;zero cost&#8217; of creating them.<\/p>\n","protected":false},"author":1,"featured_media":36514,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[2099,1213,1138],"class_list":["post-36513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-charlie-li","tag-nft","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/36513","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=36513"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/36513\/revisions"}],"predecessor-version":[{"id":36515,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/36513\/revisions\/36515"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/36514"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=36513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=36513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=36513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}