VC Investor Says, NFT Will Bring Cryptocurrency to The Masses.
Avichal Garg, The CEO and co-founder of Electric Capital, a venture capital firm focused on cryptocurrency, blockchain, fintech, and marketplaces, said in interview with Cointelegraph that he believes non fungible tokens (NFT) will play a crucial role in bringing crypto to the billions of users.
NFTs Are Relating with Everyday Life
Defining himself as “an NFT maximalist”, Garg said that “I could imagine that NFTs are actually many billions of people because it’s ultimately culture. And that’s something that everybody can participate in and everybody can understand.”
There is a strong correlation between NFTs and aspects of everyday life, such as art, music, and games, unlike other crypto niches.
A Tremendous Growth of NFTs in the Gaming Industry
A key application for NFTs, according to Garg, is in the gaming industry, which he believes is growing exponentially.
“In 18-24 months from now, I think we’re just going to see this onslaught of (NFT-based) games”, said the CEO.
According to Garg, the bear market could last as long as high inflation dominates the macro picture, which means we could wait another year or two for the next bull market to begin.
Despite this, he feels extremely bullish about the crypto industry at a 10-year horizon beyond the current macroeconomic picture.
“Interest rates and inflation dominate in the short term when you’re talking about a 2-3 year time horizon. But innovation is the one that dominates in the long term,” added Garg.
He also said that today’s bear market was better compared to 2017, “DeFi is actually a thing, NFTs are actually a thing, you know, there’s IPOs happening from crypto companies, the rate of progress and evolution over the last four or five years is just amazing. And so I kind of look at it like this bear market is better than the 2017 bull market.”