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NFTs Are the Riskiest Asset Class in the Virtual Economy, Says BNP Paribas CEO

The recent NFT boom has seen several individuals make so much money from digital collectibles. Everything from artworks, virtual lands to sports cards, and even tweets have now become non-fungible tokens (NFTs). 
NFT Investments Are Like Gambling
With this raging NFT mania, investors are worried that this might be another bubble. More recently, John Egan, the CEO of French bank L’Atelier BNP Paribas, opined that investing in NFTs is like gambling, adding that they are the riskiest asset class in the virtual economy.
In an interview with Bloomberg, Egan noted that while most people are drawn to the NFT space because of the thrills of making so much money and gaining property rights over the digital asset, it is becoming a problem.
Ownership Issues
He pointed out that the issue of ownership is becoming a big problem in the NFT space since people are now stealing other people’s works and turning them into NFTs.
“What I think we’ve seen increasingly over the past few months is people trying to register NFT-based ownership over other people’s copyrighted tweets… We’ve seen many instances of artists having their works effectively plagiarized by people minting NFTs of their work even though they weren’t the creators,” he said.
Egan also stated that the NFT space is so risky that it could well be identified as the riskiest asset in the world of digital assets. He likened investing in NFTs to gambling in a casino where winning is based on …
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