Freakonomics Radio 509. Are N.F.T.s All Scams?
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Jun 30, 2022 
Tom Sachs, an innovative sculptor and artist, dives into the murky waters of NFTs, discussing both their potential and pitfalls. He reflects on the evolution of blockchain technology and contrasts the unique characteristics of NFTs with traditional cryptocurrencies. The chaotic intersection of ticket fraud and NFTs reveals a practical side to this digital art form. Sachs also shares insights on his Rocket Factory project, which brings together physical art and digital collectibles, showcasing a revolutionary approach to ownership and trust in the art world.
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Suarez and Bitcoin
- Francis Suarez, the mayor of Miami, takes his mayoral salary in Bitcoin.
- His father, also a former mayor, initially expressed skepticism, just as he did about the internet.
Crypto's Economic Dominance
- Suarez believes crypto technologies will dominate 80-90% of the total economy.
- He argues that every company is becoming a tech company, and crypto will drive job creation.
Crypto Boom and Bust
- The crypto market exploded in 2021, reaching $15.8 trillion in volume.
- However, the TerraUSD stablecoin crashed in 2022, erasing over $200 billion in market value.