Mike Novogratz Convinced that NFTs Will Beat Cryptocurrencies in 2022
According to Mike Novogratz, the boss of Galaxy Digital, non-fungible tokens will outperform cryptocurrencies in 2022.
NFTs will lead Crypto/Web3 in 2022. This is my tweet.
— Mike Novogratz (@novogratz) 2 February 2022
The billionaire recently predicted that the crypto market will continue to struggle to regain its stability if the bearish trend in US stocks continues:
Crypto will have a tough time rallying until the stock finds ground.
In October, Novogratz said the NFT market had become too hot, urging buyers to take some chips off the table. However, that was not the case, and the sector is thriving despite the uncertainty in the broader cryptocurrency market.
According to data provided by Norwegian crypto analytics company Dune Analytics, the daily trading volume on the OpenSea Marketplace reached $247 million on February 1.
In early November, Novogratz purchased a CryptoPunk for approximately $440,000 worth of Ethereum, while also announcing the launch of Galaxy Digital’s NFT collection.
Global brands like Walmart are also trying to be part of the NFT bonus.