Billionaire Bitcoin Investor Says NFTs Are the Next Frontier of Cryptocurrencies

News / 13.02.2021

Bitcoin Billionaire Chamath Palihapitiya has revealed that NFT’s (Non-Fungible Tokens) is the next frontier for cryptocurrencies. NFT’s wave has been building for a while, and it appears to have a supporter in the Palihapitiya. 

Next Frontier Of Cryptocurrencies 

Chamath Palihapitiya made his opinion known in an interview with Bloomberg on Friday. The well known Bitcoin advocate was asked to reveal which other coin he holds apart from BTC. 

Surprisingly, Palihapitiya revealed that he is building a sizable portfolio of non-fungible tokens (NFTs), including digital arts and retro trading cards. He further added that NFTs are the next significant sector in the cryptocurrency industry. “This may sound crazy to some. But I do believe that this is the next frontier of digital assets,” he said. 

The venture capitalist also revealed that his company Social Capital would soon publicize its holdings. This, according to him, is to ensure transparency and enable the crypto community to track their NFT holdings. 

This is a significant revelation from Palihapitiya, known in the cryptocurrency space for being an early bitcoin investor. The venture capitalist reportedly purchased bitcoins in 2013 when it traded at around $80 per token. His move towards NFTs is an interesting one as the sector is yet to amass popularity. 

NFTs Market Witnessing Unprecedented Growth

NFTs have also begun to gain attention in recent months as more crypto enthusiasts explore this sector’s potentials. Digital arts have been sold for exorbitant amounts as organizations collect these rare digital artifacts. 

In January, a CryptoPunk art sold for 605 Ethers ($762,000) at the time. The art was purchased by FlamingoDAO, an organization that invests in digital art collections. This followed a record purchase of a virtual pitch from Axie Infinity for $1.5 million. The buyer purchased nine virtual plots of land in the Axie Infinity ecosystem in an unprecedented move. 

These developments have led to an increased interest in NFTs. Ethereum dominates as the blockchain with the most NFTs issued. However, other blockchain platforms have begun to enable developers and artists to give NFTs in different forms.

Olowoporoku Adeniyi is a blockchain enthusiast and crypto evangelist. Currently he loves all things crypto and covers happenings within the blockchain space.