Commodity trader Peter Brandt has warmed up to non-fungible tokens after comparing them to Beanie Babies and Pet Rocks
Leading commodities trader Peter Brandt has surprised his followers with enthusiastic tweets about the non-fungible coin.
Earlier this week, Brandt tweeted that some NFTs projects would make it, igniting heated discussions about the state of the sector.
On Sunday, the veteran trader explained his progressive stance, arguing that NFTs have now managed to outpace simple JPEGs.
He went on to say that some “select” projects have managed to improve their functionality and utility.
It is unclear what exactly made Brandt hot for NFTs, as he has been extremely skeptical about the latest cryptocurrency craze in the past.
In May, Brandt compared non-fungible tokens to Beanie Babies and Pet Rocks. In February, he called NFTs “stupid.”
Brandt has been dismissive of altcoins in the past, which is why his negative attitude towards NFTs was not surprising. However, the trader has now recognized the promise of the technology.
Waning enthusiasm
While Brandt has changed his tune on NFTs, he might be already late to the party.
As reported by U.Today, NFT volumes fell in the third quarter. In September, digital collectibles recorded only $466 million worth of trading volume, down 97% from the previous year.
NFTs started rapidly losing steam due to plummeting cryptocurrency prices. Bitcoin and some blue-chip altcoins have lost more than 70% of their value from their 2021 peak.
Nevertheless, major companies continue to submit trademark filings related to NFTs, indicating that the technology is unlikely to go down despite the decline in trading volumes.
