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Mike Novogratz Expects NFTs to Outperform Crypto in 2022

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Wed, 02/02/2022 - 20:10
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Alex Dovbnya
Mike Novogratz is convinced that NFTs will outperform cryptocurrencies in 2022
Mike Novogratz Expects NFTs to Outperform Crypto in 2022
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Non-fungible tokens will outperform cryptocurrencies in 2022, according to Galaxy Digital boss Mike Novogratz.

The billionaire recently predicted that the crypto market would continue struggling to regain its composure if U.S. stocks were to remain in a bearish trend:

Crypto will have a hard time rallying until stocks find a base.    

In October, Novogratz said that the NFT market was too overheated, urging buyers to take some chips off the table. This, however, wasn’t the case, and the sector continues to thrive despite uncertainly in the broader cryptocurrency market.  

According to data provided by Norwegian crypto analytics company Dune Analytics, the daily trading volume on the OpenSea marketplace hit $247 million on Feb. 1.    

OpenSea
Image by dune.xyz

In early November, Novogratz purchased a CryptoPunk for roughly $440,000 worth of Ethereum while also announcing the launch of Galaxy Digital’s NFT collection.

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Global brands such as Walmart are also seeking to become part of the NFT bonanza.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.