Former SEC Internet Enforcement Office Director John Reed Stark said in his tweet that the NFT market is completely manipulated.
Stark criticizes venture capitalists and Wall Street players, claiming they are getting rich by promoting NFTs that promise decentralization, financial inclusion and instant wealth.
However, he asserted that many retail buyers ended up suffering financial losses while these financiers profited.
Stark’s criticism also spanned the entire crypto industry. He believes that cryptocurrencies fail as an investment due to a lack of regulation, transparency, consumer protection, insurance, licensing and net capital requirements.