Non-fungible tokens (NFTs) have now become a household name in the crypto space. Many individuals and businesses currently own and use NFTs to promote their businesses and as investment products.
While the tokens majorly serve as proof of ownership, their applications could spike. Besides, the CEO of Real Vision claims NFTs will witness more significant growth during crypto boom cycles.
NFTs Could Out-Perform Ether In The Future
The co-founder and CEO of Real Vision, Raoul Pal, sees an impressive future performance for non-fungible tokens (NFTs). Pal laid out his opinions and ideas about NFTs in a YouTube video.
The CEO discussed that the performance of NFTs would be the same as that of high-end property within the traditional economy. He stated that both the applications and actions of the tokens will rise during crypto market boom cycles and could even surpass that of Ether.
The former JPMorgan executive highlighted the strengths of NFTs as the underlying technology in development, the primary use cases, and its performance ability compared with Ether.
According to Pal, NFTs form a pathway to owning property within the ETH economy. It does not matter if the investors are in New York, London, Hong Kong, or any other location. He stated that people will always go for the high-end property as they make more money through a positive economic turn.
CEO Pal further noted some of the essential NFT collections are making waves in the crypto community. These include collections like the Bored Ape Yacht Club (BAYC), CryptoPunks, and others.
Pal said having such collections resembles owning a luxury car, house, or other items from famous or popular brands. In most cases, owners enjoy exclusive rights, such as membership in exclusive clubs or what could be seen as mini-network platforms.
Applications And Purposes
CEO Pal traveled down memory lane as he recalled how he developed more interest in NFTs in 2022. He explained that he studied NFTs, gradually discovering what they are, their operations, and the power in their functionalities. Finally, he understood that the tokens could transfer values through automated smart contracts and blockchains.
Further, Pal cited that NFTs are used in the resolution of contracts. He noted that such applications remove the interference of third parties like accountants, lawyers, courts, and notaries. He highlighted that the blockchain technology used in developing NFTs offers verifiable agreement transparency once all necessary operations are inputted.
Also, CEO Pal revealed that while joining the NFT train, he has been increasing his ownership over time. He revealed has mapped almost 10% of his ETH holdings for NFT collections like BAYC and CryptoPunks.
Featured image from Pixabay, Chart from TradingView.com
