Former Goldman Sachs executive Raoul Pal says that there’s one big overlooked opportunity in the Ethereum (ETH) ecosystem.
The macro guru tells his nearly one million Twitter followers that CryptoPunks, one of the biggest non-fungible token (NFT) projects in existence, are starting to look appealing.
The Real Vision founder shares the floor price chart of CryptoPunks depicting declining prices, which he says could be an opportunity for bulls.
“Punks are starting to get very interesting… They have held up in dollar terms at around $100,000 but in ETH. The tax season plus Blur farming has led to near-distressed prices.
As ETH rises over time, excess gains get recycled into trophy assets, with a lag. Same as traditional art when stock markets have been strong.
Low prices seem to be an opportunity if you think crypto rises a lot over the next few years, which I believe.”
While some have trouble grasping how seemingly silly images could be so valuable, Pal says that ETH holders often like to take their profits and put them into NFTs to diversify and send social signals to the rest of the space.
In a recent interview with NFT artist FVCKRENDER, Pal says NFTs are changing the game and allowing creators and artists to act as a new avenue for mass blockchain adoption.
“[Artists and creators] have engaged millions of people in blockchain. To be honest, artists are the people who really lead movements, whether it’s musical artists or physical artists themselves…
This nexus between physical and digital, those two worlds are merging. So that’s one learning. The other learning is the metaverse [and] how it becomes the future digital representation of everything. How you can build brands from the ground up based around culture… To give their artists their control back, I think that’s probably another mega trend that we can see in the future.”
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