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.

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Prashant Jha

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.