Dragons are believed to hoard gold — but have you ever wondered what would happen if dragons hoarded cryptocurrencies like Dogecoin (CRYPTO: DOGE) or non fungible tokens (NFTs) instead of gold?
What Happened: British YouTuber Adrian Bliss — who has 1.7 million subscribers — has attracted attention to this thought in his satirical YouTube sketch.
The video starts with a knight confronting a dragon and asking it to handover its hoard. The dragon replies it has stored the hoard in a decentralized global open source network because it did not feel safe sitting on the hoard all day.
The knight then tells the dragon to give something it has, and finally comes out of the dragon’s cave holding nothing in his hand, but claiming to hold an NFT.
A voice in the background tells the knight, “You got mugged off, mate!”
See Also: How To Buy Dogecoin (DOGE)
Why It Matters: The video highlights the danger of investing in volatile cryptocurrencies without having a proper understanding of how they work.
Investors have piled into cryptocurrencies such as Dogecoin and Bitcoin (CRYPTO: BTC) in recent years as they believe these are a viable alternative to fiat currencies such as the dollar.
NFTs, blockchain-based tokenization of collectible items or art pieces, allow users to own digital assets like retail estate, art, digital sneakers, and video moments. NFTs are the hottest cryptocurrency trend since last year.
Several prominent personalities including Dogecoin co-creator Billy Markus have warned about the risky investment in cryptocurrencies.
Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk has shown his dislike for NFTs by taking a dig at NFT buyers last month.
Price Action: Dogecoin is up 2.4% during the past 24 hours, trading at $0.1391 at press time.