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Mike Novogratz says that NFTs will lead the crypto ecosystem in 2022

Mike Novogratz on NFTs

Even though the cryptocurrency market is just over a decade old, it has spread its wings all over the globe. Since the inception of Bitcoin, the digital asset industry has grown like nothing else. In the last couple of years, the crypto industry gave birth to new innovative concepts like non-fungible tokens (NFTs), DeFi, and Dapps. All of these primarily focus on offering decentralization and anonymity to the users which is the true essence of blockchain technology.

NFTs have experienced major growth in demand from the consumer sector. There are several NFT projects that have sold digital art pieces for millions of dollars. Investors and traders have made hefty profits by investing early in potentially strong NFT projects. Experts have put weight behind the NFT market to experience prolonged spells of growth in the coming days. Billionaire, and the CEO of Galaxy Digital, Mike Novogratz has recently tweeted that NFTs will outperform cryptocurrencies and web3 in 2022.

Mike Novogratz back NFTs in the new year

Mike Novogratz has always been vocal about the performance of the crypto and the NFT market. Being an early investor of Bitcoin, the words of Novogratz carry significance for the crypto community. He predicted that the crypto market is set to persist with its bearish trend as US stocks are going down that road as well. He believes that both of these markets will move in correlation with each other.

Previously, Novogratz said in October the NFT market was too overheated that is urging buyers to invest in the fear of missing out. However, it was not the case as the market for NFTs thrived regardless of the uncertainty in the crypto market. Mike Novogratz had bought a CryptoPunk for almost $440,000 worth of ETH. He did so upon the announcement of his own NFT collection, Galaxy Digital.

cryptopunks

The daily trading volume achieved a high of a staggering $247 million on the largest NFT marketplace, OpenSea on February 1. These figures showcase the increasing consumer interest in the NFT market. More and more organizations are seeking a possible entry into the NFT market. With the uncertainty of the crypto market, many investors are eyeing NFTs to recover and mend their losses. In addition to this, brands like Walmart are also exploring the scope of NFTs. Therefore, there is a positive sentiment and hype building around the NFT market for the coming times.

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