The heads of the crypto-currency companies Synthetix and Immutable believe that despite the difficult geopolitical and economic situation, the crypto-currency market will continue to develop largely thanks to NFT and Web3.
The founder of Synthetix, a platform for issuing synthetic assets on the Ethereum blockchain, Kain Warwick, during the Blockchain Australia podcast, noted that against the backdrop of stagnation in world markets, high commodity prices, an escalation of the conflict in Ukraine and falling prices for cryptocurrency, fears are growing among many inverters about the bear market.
According to him, the cryptocurrency community fears the crises of 2018 and 2019. Warwick said that he does not share the mood of the community and remains optimistic, watching the development of trends in the crypto industry.
“Honestly, it feels like 2016 to me, when the market was essentially moving up all the time. There were a few ups and downs, but investors who had been in the market long enough were immune to it,” he explained.
The founder of Synthetix added that for bitcoin, 2016 was a brilliant year in every way – then the first cryptocurrency grew by 123.8% in a year. Warwick expressed regret that it was impossible to avoid “macro-headwinds”, however, he personally focused on the gradual growth of the cryptocurrency market.
“Ignore the macro and you will see the bitcoin market going up very clearly,” Warwick said.
The head of Synthetix was supported by the founder of the cryptocurrency company Immutable, Robbie Ferguson. He stated that he is now seeing a bull market and that the positive trend is continuing largely due to the NFT sector. Ferguson noted the huge volume of NFT trading in the first quarter of 2022, which is $ 26 billion. The figure has already exceeded the volume of NFT trading in 2021 and continues to grow.
“The two leading indicators of industry success are venture capital and where people spend their time,” he explained.
Ferguson noted that many new products have emerged since game companies entered the Web3 market. He argues that these signals indicate an influx of huge investments and a steady growth of the cryptocurrency market. This is despite the fact that global markets are now suffering due to the effects of the COVID-19 pandemic and geopolitical tensions in Eastern Europe.
Many experts argue that NFT and Web3 have now become the catalyst for the development of the cryptocurrency market. In early March, the founder of Multicoin Capital compared the development of collectible tokens to the evolution of Internet web pages.
In February, blockchain game developer Gala Games announced that it would invest $5 billion in projects using collectible tokens by the end of 2023. However, Tim O’Reilly, founder of O’Reilly, compared the development of NFT and Web3 to the dot-com era – he believes that these industries will collapse.
Source: Bits
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