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Raoul Pal, CEO and co-founder of Real Vision, believes that non-fungible tokens (NFTs) will perform similarly to “high-end assets” in the traditional economy, and will replace Ether (ETH) during the cryptocurrency market boom cycle. I think it will surpass.
1 hour on YouTube video Published Feb. 20, former JPMorgan executives provided a rundown of what they felt were the most bullish about NFTs, including the asset class’s key use cases, its underlying technology, and potential performance relative to Ether. provided.
My deep thoughts and understanding of NFTs, what they mean, where they go, and why they matter.
I think it’s a very important piece. We appreciate your feedback.https://t.co/JMODBnmrxh
— Raul Pal (@RaoulGMI) February 20, 2023
Pal said that just as “the economy recovers” and “luxury real estate” often outperforms the market, the same is likely to happen with certain NFTs during the crypto boom cycle. .
“So I can put my ETH in JPEGs and NFTs. [Crypto]Whether in London, New York, Hong Kong, or anywhere else, punks like luxury properties, when the economy starts to boom and people have more money, they tend to buy expensive luxury properties.
“And it tends to outperform the rest of the market. And I think the same thing will happen with the ETH economy,” he added.
He emphasized that major collections such as CryptoPunks and Bored Ape Yacht Club (BAYC) have become status symbols for the crypto community. This is similar to owning a luxury home, car, or name-brand item and providing access to an exclusive club, or what he called a “mini-network state.”
He suggested that NFTs could serve as “a way to own assets in the ETH economy,” adding:
“Humans are silly and love to inform something socially.”
In retrospect, the former hedge fund manager said he joined NFTs in 2022 when they began to “understand their power and what they could do,” including being able to transfer “value” via blockchain and automated smarts. He said he started paying attention. contract.
He also points to the use of NFTs in contract resolution, stating that while blockchain-based ledgers can provide verifiable transparency about what has been agreed upon between people, smart contracts are inherently unnecessary. I pointed out that it is possible to eliminate a third party
“What is interesting about the smart contract elements of NFTs is that the payment mechanism can be automated in code and settled without the need for a third party, so courts, lawyers, notaries and accountants.”
Pal said he has allocated about 10% of the ETH he owns to “premium NFTs” such as CryptoPunks and BAYC NFTs since he started NFTs.
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He suggested that such collections may offer more upside potential than downside risk as they have managed to maintain decent levels of value during bear markets. also believes that the price of ETH is likely to rise in the future.
“If you look at the prices of Crypto Punks and Bored Apes, they are incredibly stable when you look at them in ETH. It’s interesting to me because they didn’t drop any further.They did spike in June with the big crypto crash, but outside of that they rallied again and stayed at 65 ETH. So whatever ETH does, they just reflect that,” he said.