Mike Novogratz Predicts NFT Sector to Grow Over the Next Decade

The founder of Galaxy Digital, Mike Novogratz, on his Next with Novo show, predicted the growth of the non-fungible token (NFT) market and called the technology ‘expensive for the future’.

My prediction? NFT’s are the way of the future. Every industry will be using this technology to build community, to grow community, & to profit. It’s just a matter of time.

Check out my latest episode of Next with Novo for more: https://t.co/vkTHOT6S4H pic.twitter.com/MQjFm3gcIn

— Mike Novogratz (@novogratz) July 23, 2021

“Each industry will use this technology to build and grow a community. It’s only a matter of time,” Novogratz said.

According to him, the NFT segment is in its infancy.

“NFT isn’t even first-graders; it’s preschoolers. We’re at the dawn of a new, exciting era. I am absolutely sure that within 10 years the NFT sector will be much bigger than many think,” Novogratz explained.

As an example of NFT’s use case, he cited a medical record containing a patient’s health data.

The head of Galaxy Digital also said that people buy digital assets due to concerns about persistent inflation of the US dollar and other fiat currencies. In his view, Bitcoin is crucial in Nigeria, Venezuela and countries where household savings are continually devalued.

Novogratz called Elon Musk “the entrepreneurial genius of modern times,” but said that the Tesla chief should comment more professionally on developments in the crypto industry because of its market impact.

In the first half of 2021 NFT sales volume reached $2.5 billion.

Earlier, Novogratz, together with partners launched the NFT marketplace Candy Digital. In July the platform announced the release of non-fungible tokens for the Los Angeles Dodgers baseball club in honor of the World Series—the decisive games of the MLB season.

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