{"id":38253,"date":"2021-03-03T11:08:50","date_gmt":"2021-03-03T09:08:50","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=38253"},"modified":"2025-08-30T03:41:45","modified_gmt":"2025-08-30T00:41:45","slug":"litecoin-creator-likens-nft-craze-to-the-2017-ico-boom","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/litecoin-creator-likens-nft-craze-to-the-2017-ico-boom\/","title":{"rendered":"Litecoin Creator Likens NFT Craze to the 2017 ICO Boom"},"content":{"rendered":"<p>Charlie Lee, the creator of Litecoin, noted parallels between the growing popularity of the non-fungible token (NFT) market and the ICO boom of 2017 and the altcoin frenzy of 2013.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">I see a lot of parallels between 2021\u2019s NFTs with 2017\u2019s ICOs and 2013\u2019s altcoins:<\/p>\n<p>\u2014 easy to create new ones with no barriers<br \/>\n\u2014 simple to understand &#038; explain<br \/>\n\u2014 brings tons of new people into crypto<br \/>\n\u2014 high prices &#038; pumps create hype\/FOMO<br \/>\n\u2014 few will hold &#038; have value, most won\u2019t<\/p>\n<p>\u2014 Charlie Lee [LTC\u26a1] (@SatoshiLite) <a href=\"https:\/\/twitter.com\/SatoshiLite\/status\/1366688343208067074?ref_src=twsrc%5Etfw\">March 2, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nLee drew five parallels in support of his argument. Among them: ease of creation and understanding of the technology, zero intrinsic value, attracting a new audience to the industry, and high prices driven by hype.<\/p>\n<p>NFTs and ICOs are also endorsed by celebrities. In February 2018, Hollywood actor Steven Seagal became a brand ambassador for the cryptocurrency startup Bitcoiin2Gen and actively promoted the ICO campaign on social media.<\/p>\n<p>In February 2020, the Securities and Exchange Commission (SEC) fined the actor $314,000 for concealing compensation received for promoting the startup&#8217;s token sale. In February 2021, the SEC charged Bitcoiin2Gen&#8217;s partners <a href=\"https:\/\/forklog.com\/en\/news\/investors-lose-11-4-million-in-bitcoiin2gen-token-sale-tied-to-steven-seagal\">with fraud worth $11.4 million<\/a>.<\/p>\n<p>In March, the singer Grimes <a href=\"https:\/\/forklog.com\/en\/news\/grimes-sells-nft-collection-of-unreleased-music-for-6-million\">sold a collection of NFTs<\/a> containing unreleased music for $6 million.<\/p>\n<p>Earlier, Li <a href=\"https:\/\/forklog.com\/en\/news\/litecoin-creator-predicts-nft-crash\">predicted the crash of NFTs<\/a> due to the &#8220;zero cost of creating them&#8221;.<\/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 feed, <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>Charlie Lee, the Litecoin creator, notes parallels between the NFT market&#8217;s growth and the ICO boom of 2017 and the altcoin frenzy of 2013.<\/p>\n","protected":false},"author":1,"featured_media":38254,"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":[2099,1213,1138,27],"class_list":["post-38253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-charlie-li","tag-nft","tag-opinions","tag-russia"],"aioseo_notices":[],"amp_enabled":true,"views":"31","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/38253","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=38253"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/38253\/revisions"}],"predecessor-version":[{"id":38255,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/38253\/revisions\/38255"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/38254"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=38253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=38253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=38253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}