Mike Novogratz bets big on NFT, says iconic stuff will have value despite market hype

Charlie Taylor

Mike Novogratz, the CEO of cryptographic asset management firm Galaxy Digital, is optimistic about NFT markets and believes that despite the turmoil around the market, iconic items like the US National Anthem would eventually be converted to NFT. Novogratz's comments came during his recent appearance on CNBC's Squawk Box.

Novogratz was co-founder of Candy Digital, a market-focused NFT company that teamed up with Major League Baseball to launch its first digital collection in the form of Lou Gehrig's New York Yankees speech. Proceeds from the speech auction would go to charity. The CEO said: "We are not even in the first entrances" of the NFT craze and more iconic things would continue to attract people's interest as well as market value. Speaking about the potential he sees in the NFT market, Novogratz said: " NFTs are fundamentally changing the way we think about ownership of cultural artifacts. We are in the early stages of this transformation and Candy's focus on creativity, community and authenticity will play a key role in her success in defining this new market.”

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NFT has emerged as one of the most popular use cases this high season, attracting interest from mainstream artists and celebrities. Beeple, a digital artist, sold his painting in the form of an NFT for over $69 million, thus catapulting the NFT craze into a mainstream frenzy.

Novogratz claims more iconic things would hit NFT markets

NFTs emerged three years ago and were used primarily as a symbol of fan engagement by major sports leagues and for video game memorabilia. However, it has now become one of the most sought after ways for artists and celebrities to auction off their artworks. Novogratz during his interview emphasized that despite the recent frenzy, the NFT market would continue to gain traction. He is also quite bullish on Bitcoin, despite the recent market correction, and believes Bitcoin will continue to hit new highs.Source: CryptomanRead More:

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