Mike Novogratz Bets Big on NFT, Says Iconic Things Will Hold Value Despite the Market Hype
Mike Novogratz, the CEO of the crypto asset management firm Galaxy Digital is bullish on NFT markets and believe despite the hype around the market, iconic thing such as the American National Anthem would eventually be converted into an NFT. Novogratz’s comments came during his recent appearance on CNBC’s Squawk Box.
"We are not even in the first inning," says @novogratz on the potential for the NFT market. "The market has been hyped up but iconic things are going to continue to hold value." pic.twitter.com/LouFhkWyDv
— Squawk Box (@SquawkCNBC) June 1, 2021
Novogratz co-founded Candy Digital, an NFT market-focused company that has joined hands with Major League Baseball to launch its first digital collective in the form of New York Yankees’ Lou Gehrig’s iconic speech. The proceeds from the auction of the speech would go towards charity. The CEO said, “we are not even in the first innings” of the NFT mania and more iconic things would continue to garner people’s interest as well as market value. Talking about the potential he sees in the NFT market, Novogratz said,
NFTs are fundamentally changing how we think about owning cultural artifacts. We’re in the very early stages of this transformation and Candy’s focus on creativity, community and authenticity will all play a key role in its success in defining this new market.
NFT has emerged as one of the most popular use cases this bull season attracting interest from mainstream artists and celebrities alike. Beeple, a digital artist sold his painting in the form of an NFT for over $69 million, thus catapulting the NFT mania into a mainstream frenzy.
Novogratz Says More Iconic Things Would Make it to NFT Markets
NFTs first came into existence three years ago and were primarily used as a fan engagement token by mainstream sports leagues and for in-game memorabilia for video games. However, now it has become one of the most sought-after ways for artists and celebrities to auction their artwork.
Novogratz during his interview stressed that despite the recent frenzy the NFT market would continue to gain mainstream traction. He is also quite bullish on Bitcoin despite the recent market correction and believes Bitcoin would continue to peak new highs.
.
- Bitget Unveils ‘Universal Exchange’ Era to Mark 7-Year Anniversary
- Forward Industries Launches $4B Program to Boost Solana Holdings as Analyst Eyes $500 SOL
- Expert Identifies Bullish DOGE Flag as CleanCore Treasury Tops $160M With Fresh Purchase
- Breaking: Bitcoin Proxy Metaplanet Announces New US, Japan Subsidiaries As Stock Slumps
- Will Bitcoin Reclaim $120K as Options Bulls Target $125K Highs Post-FOMC?
- PEPE Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
- Bitcoin Price Prediction as Fed Decision Nears — Dump Before the Next Rally?
- Ethereum Price Prediction As Standard Chartered Says Treasury Buying Will Boost ETH Over Rivals
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
