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NFT Craze Is ‘bonkers’ And People Have Lost Their Mind, Says Binance CEO

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Changpeng Zhao, CEO of Binance, is not a fan of non-fungible tokens (NFTs). He believes the NFT mania is “crazy” and that “people have gone insane.” Anything may be made into an NFT, including your art, artwork, music, GIFs, and even a selfie. On the blockchain distributed database, any digital file can be converted into an NFT. It serves as a seal of approval for artwork, music, films, and even tweets.

Zhao recently told Fortune that no matter how you feel about NFTs, they can’t be ignored.They “allow artists to monetize their work globally again…and reach a much wider audience.” He adds, “Some guy in Singapore can pay $69 million for your art.”

The fact that NFTs are underpinned by Blockchain technology sets them apart from other digital forms. For the uninformed, Blockchain is a decentralized ledger that records all transactions. It’s similar to a bank account, except that all of your transactions are transparent and visible to anybody, and they can’t be edited or updated after they’ve been recorded.

Zhao stated earlier this month that the exchange is freezing the accounts of Russians who are subject to international penalties. “Binance follows sanctions rules very strictly. Whoever is on the sanctions list, they won’t be able to use our platform, for whoever is not, they can,” Zhao said in an interview. “Expanding restrictions beyond the list of sanctioned individuals would be “unethical for us to do,” he added.