Raoul Pal Says Traders are Massively Underestimating NFT on Crypto Markets
Paoul Pal Says Traders are Massively Underestimating NFT on Crypto Markets.
Raoul Pal, CEO & Co-Founder, Real Vision Group, said that many people are massively underestimating the potential of one crypto industry.
Pal writes in a lengthy tweet to his 984,000 followers that non-fungible tokens could completely transform society.
“It’s Friday, wine night and time to write a thread on NFT’s, inspired by my chat on @RugRadio. I think people are massively underestimating what is going on… and its only (very) partially to do degening with monkey jpegs and dickbutts…,” he said.
It's Friday, wine night and time to write a thread on NFT's, inspired by my chat on @RugRadio. I think people are massively underestimating what is going on… and its only (very) partially to do degening with monkey jpegs and dickbutts…
— Raoul Pal (@RaoulGMI) November 5, 2022
Reshaping Social Infrastructure
The Real Vision Founder claims that currently, most people think NFTs function primarily for cultural purposes, such as art, community, and brands. However, Pal believes this is only the beginning.
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“While the tokenisation of culture is almost infinite and has only just started, most people miss the even bigger picture…
ALL contracts will get tokenized as NFTs as they more efficient, cheaper, faster and more secure.” he said on Twitter.
It's Friday, wine night and time to write a thread on NFT's, inspired by my chat on @RugRadio. I think people are massively underestimating what is going on… and its only (very) partially to do degening with monkey jpegs and dickbutts…
— Raoul Pal (@RaoulGMI) November 5, 2022
“ALL: ID, tickets, reservations (hotels, airlines, trains, restaurants etc), all insurance contracts, internet permissions, hotel keys, car documents, real estate, certifications…advertising, supply chain contracts, inventory management, business deals, driving licenses, medical records, employment history, references, etc etc… but it gets even bigger…” he added.
Integrating with Crypto, Blockchain and NFT
According to the macro expert, NFT and blockchain technology could eventually force the entire financial industry – worth trillions of dollars – to adopt them.
“The entire financial industry is based around contracts at a truly VAST scale – too big for the old City of London ‘My Word is My Bond’ system to work and a two party, audited ledger/database….,” he explained.
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“The entire financial industry is based around contracts at a truly VAST scale – too big for the old City of London ‘My Word is My Bond’ system to work and a two party, audited ledger/database….,” he further explained.
In addition, he added that all asset management and funds would be tokenized, making the process much faster, easier, transparent, and more efficient.
As NFTs use ‘smart’ technology, enforcement, dispute resolution, and storage and ownership are automatic, cheaper, and faster.
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