Dogecoin founder says cryptocurrencies and NFTs are a pyramid scheme

Over the past week, Dogecoin co-founder Jackson Palmer has not only had a quarrel with Elon Musk, but also stated that the importance of Web 3.0 and non-fungible tokens (NFTs) is greatly exaggerated.

Palmer believes that building a decentralized version of the Internet is a solution to a problem that doesn’t exist. As for digital collectibles, Palmer said that the hype around them is being used to attract more people to the crypto industry: «At first, bitcoin was supposed to replace fiat money after the 2009 crisis, then there was the emergence of ICOs that were supposed to democratize financing, then DeFi, now NFT tokens are on the rise, so the crypto industry can get a lot of new suckers.»

Palmer did not calm down and continued his toxic bashing of the market: «What cryptocurrency is doing is gaming for the sake of creating a product that people can speculate on, and that fact undermines most of its use cases.»