Billionaire investor Mike Novogratz says NFTs could be worn like jewellery one day

Mike Novogratz

Mike Novogratz said that NFTs could be worn like jewellery one day thanks to augmented and virtual reality.

The billionaire investor gave insight into his thoughts on how NFTs will be displayed in the future on his podcast Next with Novo following a conversation he had with Urs Fischer, a Swiss visual artist in a previous episode. Fischer released his first NFT artwork, a combination of an egg with a BIC lighter, earlier this week. It will be on sale from Sunday.

“I thought, what about that egg floating over my shoulder as I’m walking down the street”, Novogratz said on his podcast. “It’s the only one of its kind and just like people wear jewellery, maybe I’ll wear that egg”, he continued.

Passersby would be able to see it through their augmented reality glasses. Wearing NFTs as jewellery would allow people to show off their unique digital assets in the form of earrings or rings for example, said Novogratz.

NFTs, or non-fungible tokens, are digital artworks that include images, videos or audio that are unique and registered on a blockchain. NFTs have surged in popularity recently, as more artists flock to the digital space and auction houses sell pieces for sky-high prices.

Auction house Christie’s announced on Thursday that it would be presenting a set of nine so-called CryptoPunks, some of the first crypto artwork at an auction next month and were expecting the digital asset to sell for $7 million-$9 million. The auction house was also behind the sale of an NFT by Beeple, which was purchased for a record-breaking $69 million.

Talks of the NFTs being in a bubble have surfaced recently. Bobby Lee, crypto exchange founder, told Insider that bubbles may be developing in some areas of the market.

Novogratz, who is bullish on crypto assets generally, said he believes that NFTs will be displayed in virtual and physical reality, for example “in your little digital man cave” but also on screens in physical spaces.

“None of us really know how far this NFT thing can go”, the billionaire investor said. But he believes that the way reality is experienced will change in the coming years, as different screens and versions of reality come together and interact with each other.

“NFTs are going to be much bigger than everyone thinks they’re gonna be”, he ended.

Read the original article on Business Insider

Mike Novogratz says Mark Cuban is making a ‘mistake’ by backing Dogecoin – and says banks piling into bitcoin could send it to $500,000

GettyImages 1087133754
Mike Novogratz, pictured here with rapper Jay-Z, is a major investor in bitcoin

  • Mike Novogratz said Mark Cuban’s plan for the Dallas Mavericks to accept Dogecoin is a “mistake.”
  • He said the focus should be on bitcoin – which banks are “frantically” getting involved with.
  • Yet many seasoned investors remain skeptical about bitcoin’s uses and volatility.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Mike Novogratz has said he thinks Mark Cuban is making a “mistake” in letting Dallas Mavericks fans pay for tickets and merchandise in Dogecoin, calling it a “joke” currency.

The Galaxy Digital boss told Bloomberg TV bitcoin is where the action is, saying banks are “frantically” trying to get into the world’s biggest cryptocurrency, and that it could jump to $500,000 by replacing gold as investors’ favored hedging asset.

Mavericks owner Cuban said on Thursday he was taking the “fun” decision to let the NBA team start accepting Dogecoin, the meme cryptocurrency that started as a joke, but has a market capitalization of more than $6.4 billion.

Novogratz criticized the move, saying: “I think Mark’s making a mistake there. He’d be better off with 15 other ways to pay for his tickets.”

He raised concerns that young investors would get hurt by piling into Dogecoin. “Let’s put people in the safest, best stuff, not, you know, these joke coins,” he said.

Novogratz said he thinks bitcoin can soar to $500,000 in the future thanks to a “paradigm shift”, with banks “frantically trying to figure out how to get into crypto.” He┬ácited interest from JPMorgan, which has supported customers investing, and Goldman Sachs, which has reopened a crypto desk.

The Galaxy boss, who is himself a major investor in bitcoin, said it is increasingly being seen as “digital gold” – in the sense that investors want to hold it as a store of value when they expect inflation. He said it is now an “institutional” asset class.

“We are in the middle of a paradigm shift,” he said. “And so bitcoin is wildly outperforming gold even though they’re both hedging the same thing. It’s outperforming because we’re in this once-in-a-generational adoption of crypto.”

Bitcoin was down 4% on Friday to $47,280, more than $10,000 off February’s all-time high. But Novogratz said investors need some “perspective”, flagging bitcoin is up around 60% on the year, while the S&P 500 index is flat.

Many seasoned investors are highly skeptical about bitcoin, however, and are expecting it to plunge again as it did in 2017. They argue it serves little purpose, as it is too volatile to be used as a currency.

In January, Elliott Management boss Paul Singer told clients in a letter reported by Bloomberg he thought bitcoin would eventually falter, bringing about a “we told you so” moment for him and colleagues.

Read the original article on Business Insider