Sam Bankman-Fried: NFTs going mainstream fast, but could face backlash

Sam Bankman-Fried, founder and CEO of cryptocurrency exchange FTX (FTT-USD), said Tuesday that NFTs have gone mainstream "faster than almost anything I've ever seen," but the industry could face an eventual backlash. Bankman-Fried told CNBC that NFTs remain a "nascent" industry and that a lot of potential players recognize the opportunity but don't understand the best way to capture it. "It's sort of breathtaking how much that it's happening," he said of the fast-paced expansion of NFTs. Still, despite the growing acceptance of these blockchain-based tokens, which feature things like pictures and videos and are often used as a form of collectible, Bankman-Fried believes the industry remains in its development stages. "I still think that most of the people getting in don't know what it's going to look like," he noted. The cryptocurrency billionaire reported that many people approach him about getting into the NFT market without a firm idea