Why the NFT Boom Feels So Much Like Gambling

Source | Decrypt

The overlap between sports betting and crypto investing has always been there, but the NFT boom has made it more obvious than ever

It’s no secret that the Venn diagram intersection between sports bettors and crypto investors has grown dramatically over the past year.

At the start of the pandemic, with live sports shut down, many of the people who use apps to bet on sports turned instead to swiping through stocks on Robinhood, and buying Bitcoin on Coinbase, Robinhood, Square, or elsewhere. This is also when Barstool Sports honcho Dave Portnoy rebranded himself as a day trader, and he, too, bought Bitcoin—though he panicked and sold when it dipped, at a loss. The rebound in the stock market (even while the broader U.S. economy was still flailing), the GameStop short squeeze pulled off by Reddit users on WallStreetBets, and the crypto bull run were all part of the same pandemic-fueled retail investor revolution.

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