Galaxy Digital founder and CEO Michael Novogratz believes that Bitcoin and Ethereum are more promising investment vehicles than unique tokens (NFTs). He advises investors to convert NFT profits into major cryptocurrencies. Such statements were made by a crypto enthusiast at the Token2049 crypto conference, which took place on October 7 and 8 in London.
A big fan of bitcoin, Novogratz believes that the amounts people around the world pay for NFT tokens “are by no means normal.” He is optimistic about the booming NFT market and explains such sky-high prices by the high popularity of tokens. But only true ones can buy digital art for that kind of money.
madmen NFT fans: “In a conversation with a friend who recently bought CryptoPunks, I tried to convince him to withdraw some of the money [и зафиксировать прибыль]… He told me I was crazy. “
The head of Galaxy Digital still advised investors to take profits from NFT and transfer it to the main cryptocurrency, or at least to Ethereum: “I think now is the right time to get some profit and transfer it to Bitcoin, Ethereum or another token.”
Although previously considered a bitcoin maximalist, Novogratz clearly supports Ethereum as well. It got to the point that Novogratz said that Vitalik Buterin’s brainchild “could one day become the main cryptocurrency.” However, Ethereum will be used in a very different way from Bitcoin.
However, Novogratz recognizes some of the strengths of the NFT. He believes the blockchains they use will play a significant role in the future of technology.
NFTs started to gain traction earlier this year. Each unique token contains a code that indicates that it is a specific asset with its own digital identity, so such tokens are convenient for confirming ownership of digital art and other strange objects. Tron CEO Justin Sun tokenized Femme Nue Couchee Au Collier by famed artist Pablo Picasso in the spring.
According to industry sources, in the first quarter of 2021, NFT’s total sales were $ 2 billion. The NFT mania allowed the market to set another record in August. This happened due to the extraordinary popularity of the CryptoPunks project.
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