Mike Novogratz Expects NFTs to Outperform Crypto in 2022

Alex Dovbnya

Mike Novogratz Believes NFTs Will Outperform Cryptocurrencies in 2022

Non-functioning tokens will outperform cryptocurrencies in 2022, according to Mike Novogratz, the boss of Galaxy Digital.

The billionaire recently predicted that the crypto market would continue to struggle to regain its composure if US stocks continued in a bearish trend:

Crypto will have a hard time rallying until stocks find a footing.

In October, Novogratz said that the NFT market was too overheated, prompting buyers to take some chips off the table. However, this was not the case and the sector continues to thrive despite the uncertainty in the broader cryptocurrency market.

According to data from Norwegian crypto analytics firm Dune Analytics, daily trading volume in the OpenSea market reached $247 million on Feb. 1.

Image by dune.xyz

In early November, Novogratz bought a CryptoPunk worth about $440,000 worth of Ethereum, while also announcing the launch of Galaxy Digital’s NFT collection.

Global brands like Walmart are also trying to be a part of the NFT bonanza.

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