Investing in NFT is comparable to buying luxury real estate, Raoul Pal, CEO and co-founder of Real Vision said.
The former JPMorgan executive stated on February 20 that NFTs have huge potential that should be realized. Pal noted that these digital assets are now widely used and that many crypto market participants prefer NFTs to Ethereum.
Raoul Pal claimed NFTs are a status symbol in the crypto community, similar to high profile real estate, which generally outperforms most of the market during periods of economic recovery or crypto market booms. “When the economy starts booming and people have more money, they tend to buy expensive high-end property,” he added.
Pal highlighted massive NFT collections such as CryptoPunks and the Bored Apes Yacht Club as being particularly prestigious items in the crypto community. He compared holding them to owning a luxury house, car, or item from a famous brand that offers access to exclusive clubs.
The crypto investor focused on NFTs as an asset class in 2022, noting its great potential such as the ability to transfer “value” via blockchains and automated smart contracts.
