Sign Up on MEXCGalaxy Digital Executive Foresees Another NFT Boom In This Period
While there is a stagnant pattern for buying interest in crypto assets, experts predict a boom in foreseeable future. As the macroeconomic scene continues to impact Bitcoin, NFT market is yet to see boom environment after last year’s rise. Tim Grant, a top executive at blockchain investment firm Galaxy Digital, is optimistic of a rise in NFTs again in near future. He said the actions of central banks and policymakers could continue to impact Bitcoin’s performance.
Bitcoin’s Macro Correlation
Grant explained that Bitcoin volatility could depend on the macro position. Referring to last week’s hack on the Binance smart chain, Grant said there is chance of more hacks. However, any further drop in prices is highly unlikely in the event of the hacks, he added. For the past one month, Bitcoin (BTC) has been fluctuating around the $20,000 mark. As of writing, BTC price stands at $19,035, down 2.36% in the last 24 hours, according to price tracking platform CoinMarketCap.
“Bitcoin is not a retail asset class anymore and so the macro backdrop is really affecting it just as it is affecting any other asset class. How Bitcoin’s graph will look like going forward will depend on the macro situation. The Fed, policymakers in Europe and U.K. will impact Bitcoin.”
‘NFT Glory Back Soon’
Speaking about the drop in NFT values, he said the NFTs are going through the boom and bust phase. Following a spell of huge interest in acquiring NFTs last year, the demand dropped significantly. This led to a talk of whether the initial interest in NFTs is sustainable or not. The Galaxy executive said there are a few projects working on NFTs that could bring back the glory in near future.
“We are seeing institutional adoption big brands, luxury brands There is a lot of talk of the Metaverse and its collision with NFTs In the background, there are some projects that could bring back the interest in NFTs in a couple of years. In the long run, we do see a more constructive backdrop to the NFTs.”
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