- Real Vision’s CEO and co-founder believes that collections like BAYC and CryptoPunks are status symbols and will go up during crypto boom cycles.
- Raoul Pal shared that these collections sustained a decent level in terms of value even during the bear market.
- The price of Ether will increase during the crypto market boom cycles.
Raoul Pal, CEO and co-founder at Real Vision, believes that NFTs will work like high-end property and surpass Ether when the cryptocurrency market blooms.
On February 20, i.e. yesterday, in an hour-long YouTube video, he provided an overview of what, according to him, was bullish in terms of NFTs, which included uses for the asset class, its performance relative to ETH, and the technology beneath it.
Boom! Here you go…— Raoul Pal (@RaoulGMI) February 20, 2023
My deep dive thesis and understanding on NFT's, what they mean, where they are going and why they are important and more.. It's all Ive got right now but will evolve!
I think it's a really important piece. Appreciate any feedback!https://t.co/JMOdBnmrxh
Pal mentioned that when the crypto market will do good, some non-fungible tokens will perform just like high-end property does when the economy recovers.
Taking an example, he said that he can put his ETH into a JPEG, i.e., an NFT, because when the economy begins to boom and people have more money, they are likely to purchase high-end property like crypto.
According to Pal, top collections like BAYC and CryptoPunks are now a status symbol similar to luxury cars, homes, or something from a popular brand that provides access to clubs or mini network-states.
Adding on, he suggested that non-fungible tokens are a way to acquire property in the Ether economy.
It was in 2022 when Pal became attracted to NFTs and began realizing their power and abilities. For instance, they are capable of transferring value through blockchains as well as automated smart contracts.
Moving on, he talked about the use of NFTs in contract resolutions. Pal said that ledgers based on blockchain offer supportable transparency on everything agreed between individuals, whereas, smart contracts eliminate useless third parties.
An interesting fact about the smart contract aspect of an NFT is that it enables the settlement process to automate in code and rectify without depending on a third-party like lawyers, courts, accountants and notaries.
Ever since Pal had entered into NFTs, he had been allocated over 10% of his Ether holdings into premium non-fungible tokens like BAYC and CryptoPunks NFT.
These collections provide increased upside ability as compared to downside risk since they have sustained an appreciable level when the market looked bearish.
Pal hopes the price of ETH will jump. He expressed that when the prices of these top collections are viewed, they look stable in ETH terms. Though they decreased but got back and traded over 65 ETH forever. This is interesting because, additionally, they didn’t fall majorly.