Galaxy Digital CEO Mike Novogratz is bullish on NFTs and believes that these tokenized digital assets will be around for the foreseeable future.
What Happened: In an interview with Bloomberg, Novogratz has said, “NFTs are going to be with us for the rest of our lives.”
The Galaxy Digital CEO sees use cases like art, IP, and collectibles being deployed on the blockchain as a trend that is only just getting started. “We’re in the very very early stages, so much that there’s little mini bubbles that will pop up and down,” he said.
Novogratz explained that what was important is to not miss the big picture. According to him, NFTs will fundamentally change how we secure intellectual property going forward.
Why It Matters: The average transaction volumes and prices of NFTs have cooled off since their peak in mid-February. The slowdown has led some to question whether the emerging asset class will continue to be an important part of the crypto space.
This is exactly why I avoid nft’s and pulled from Audius. I generally see these platforms crashing, and creating far more harm than good even before factoring in the environmental impact. It feels like a pyramid scheme at best and life ruining bubble collapse at first. https://t.co/SfBOIFVfxq
— Pulse Witch (@Pulse_Witch) April 7, 2021
Others have outright questioned the utility of NFTs and called it a bubble, including Beeple, who is arguably one of the largest beneficiaries of the NFT frenzy. The artist, who sold his tokenized digital artwork for $69 million, called the space “a bubble” last month and admitted to quickly converting all the crypto he earned from the sale to U.S. dollars.
Novogratz’s bullish outlook for the NFT sector amidst the growing uncertainty that currently surrounds the space provided some renewed optimism for NFT blockchain enthusiasts.
Join us on SPACs Attack w/ Matt Higgins & Gary Vee
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights