Cryptocurrencies
Crypto Whale Behind $69 Million NFT Sees ‘Huge Risk’ for Traders
- Sundaresan has stoked NFT mania with record-breaking purchases
- But he advises against buying on expectations of making money
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The cryptocurrency entrepreneur who spent more than $69 million for a piece of digital art has a message for speculative buyers of non-fungible tokens: be prepared to lose your money.
Vignesh Sundaresan, also known by the online moniker MetaKovan, vaulted into the spotlight last month after paying a record-breaking sum for the NFT of Beeple’s “Everydays: The First 5,000 Days.” As Sundaresan tells it, his motivation wasn’t to make money but to support the artist and showcase the technology.