Ex-Goldman Sachs executive Raoul Pal says that the non-fungible token (NFT) sector is still relevant and due for a big resurgence.
In a post on the social media platform X, Pal says NFT technology is “profound,” and he sees the crypto sector mounting a comeback in many forms.
“NFTs aren’t dead. The technology is profound. They will be back in a multitude of formats with art being the first true PMF (product market fit) but many more will follow. An over-the-counter derivative or private loan for example are perfect use cases for NFTs, as are tickets, amongst a few examples.”
Pal goes on to say that crypto and artificial intelligence (AI) are in the midst of coming together to transform the world. According to the investor, the first step of the process is already in motion.
“Also, we all knew that AI and crypto would meet to create a different world.
The first phase of that is now underway in the crypto casino, being battle-tested in a pretty crude, basic format but make no mistake, AI agents will use token incentivization on each other and humans, and agents will use tokens for payments for compute costs [and] profit.”
The Real Vision chief executive says that NFTs, decentralized finance (DeFi), and initial coin offerings (ICOs) are like “early-stage use cases of a gigantic societal and [economic] shift,” predicting that the market cap of crypto will meteorically rise by 3,900% in about a decade.
“The one truth in all of this is that blockchain technology is the key beneficiary and due to the powerful behavioral incentives of tokens, the number will keep going up over time. Currently, we are a $2.5 trillion economy in crypto land and I think it goes to $100 trillion over the next 10 years.
That trend will create the largest, fastest accumulation of new wealth in all human history. This is THE big game. You probably only have around six years before everything changes. Don’t f**k this up.”
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