Andrew Tate, a renowned social media influencer and viral sensation, has once again expressed skepticism towards the crypto and non-fungible tokens. This time around, the controversial social media influencer has created a short video voicing his criticism of crypto and NFTs. The short video has sparked a heated debate among the crypto and NFT community.
Andrew Tate On NFTs
On October 26, Tate, a social media influencer with over 8.2 million followers on X and more than 1.7 million on Instagram, loaded a twelve-minute video on Rumble, expressing his broader skepticism on the long-term viability of crypto and digital collectibles.
Watch the full Tatespeech video exclusively on Rumble:
https://t.co/SSAlVCe3fT https://t.co/ZZD740Fbvf— Andrew Tate (@Cobratate) October 26, 2023
Tate started his bearish sentiments by proclaiming that he has never been wrong in anything ever since he became a social media influencer over six years ago. Tate said that NFTs have proved “the entire crypto space is a scam” and that his prediction that many of these would go to zero proved he’s “never wrong.”
Tate has recanted how many crypto influencers approached him back in 2021, convincing him to invest millions of dollars in crypto and NFTs. In the short video, Tate said he knew from the start that NFTs were a circle joke and scam “Bullshit.”
On the 15th of October 2021 I tweeted:
NFTs provide further proof that the entire crypto space is a scam –
There is zero justification for spending millions on a publicly viewable JPEG besides the fact that:
1) You’re a loser
2) You understand your internet scam coins will…— Andrew Tate (@Cobratate) September 22, 2023
The social media influencer noted that he began speculating that crypto and NFTs were scams when he came across profile pictures trading for millions of dollars. Tate referenced that he even found a picture of stone selling for thousands of dollars, which he found ridiculous.
The media personality maintained that it would make some sense for him to buy a Bugatti luxury car rather than spend millions of dollars on Ape and rock images. Tate has boldly said that the test of time has proved that his cautious instincts in crypto and NFTs were true, claiming NFTs are for losers.
Tate’s criticism appears a few weeks after a study revealed that nearly 95% of NFTs have gone worthless. Last month, DappGambl, an on-chain analytic firm, found that 69,795 out of the 73,257 NFT collections have seen their market cap dropping to nearly zero Ether. This shocking statistic meant that 95% of people holding NFT collections now hold worthless investments.
Before summarizing, Tate advocated investing in projects that have value in the real world. As a perfect example, Tate has bought an art picture of the fastest car in the world, which he sees as more sensible than spending money on a profile picture of an Ape.
The Crypto And NFT Community Reacts
In response to Tate’s criticism, many members of the crypto and NFT community have risen to the defense of these emerging technologies. In their defense, Tate’s perspective might be overly simplistic, emphasizing that a single use case cannot serve as a comprehensive evaluation of the entire crypto ecosystem.
In a live podcast that lasted nearly an hour, top crypto and NFT influencers, including Aj, Ben Armstrong, and Johnny Crypto, have ganged up to evaluate some of the impacts attracted by Tate’s recent sentiments on the entire crypto and NFT market.
Andrew Tate DESTROYS Web3!!! (NFTS are Dead) https://t.co/fUZ1YH3yRh
— Ben Armstrong (@BenArmstrongsX) October 26, 2023
In his defense for the crypto, AJ, a renowned crypto and NFT influencer, has tarnished recent Tate’s sentiments, claiming that he was slamming the crypto to boost his fame and publicity. The crypto influencer noted that Tate calling crypto influencers losers was being irrespective.
In turn, Ben Armstrong noted Andrew Tate’s sentiments were somewhat good for the crypto and NFTs, remarking that it has brought back some attention to the crypto market, which had faded in the past several months. Andrew Tate’s sentiments might have marked the revival of NFTs.
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