NFTs are slammed by Bill Gates.

Bill Gates, co-founder of Microsoft, enjoys a variety of activities, including promoting climate change awareness, reading one book per week, and playing tennis with Roger Federer. NFTs, it appears, are one thing he doesn’t enjoy.

Gates, speaking at a TechCrunch event on Tuesday, spoke on a $22 billion market, noting that NFTs are “100% built on greater fool theory.”

“At its core, it’s about anonymity, which allows you to circumvent taxes and other government regulations,” he explained. “Anyway, I’m not a part of it.”

He even mentioned the Bored Ape Yacht Club, a popular series of NFTs that features primates with different features and outfits depending on the image. Work from that series has fetched as high as $3.4 million at auction.

“Clearly, pricey digital photos of monkeys will greatly benefit the world,” he added, barely holding back a laugh. “I think that’s great,” says the speaker.

Some in the NFT community mocked Gates on social media.

Beeple, whose work sparked a boom after one of his NFTs sold for $69.3 million at Christie’s, tweeted a screenshot of the CNN article about Gates’ TechCrunch talk, along with a slew of emoji.

In response to Beeple’s tweet, Abra, a website that allows users to buy and sell cryptocurrency, wrote, “Of course, he waited for the down market to say it.” “He won’t look so savvy when $BTC goes on another bull run.”

This week, there has been fear of a crypto crash as the value of currencies such as Bitcoin has plummeted. Some people have reacted positively to the news.

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