Galaxy Digital CEO Michael Novogratz believes that the cost of non-fungible tokens is unreasonably high and advised investors to sell them “before it’s too late.”
According to Business Insider, Michael Novogratz announced this in a speech at the Token2049 virtual conference. However, he does not deny the success of the collectible tokens. According to recent data from DappRadar, NFT sales rose to $ 10.7 billion in the third quarter of 2021, an eight-fold increase over the same period last year.
However, Novogratz is confident that, despite another NFT boom, this market will not be able to grow forever. He believes that collectible tokens are selling at incredibly high prices, so now is the right time for their holders to take profits. The billionaire called investing in bitcoin and ether more appropriate.
“I recently met a friend who bought an NFT with a punk image. I tried to convince him to sell some tokens, but he called me crazy, ”Novogratz said.
Visa also bought NFT CryptoPunks in August to add to its collection of commerce-related art. In addition, consulting firm Moonrock Capital acquired Solana NFT from the network last month for a record $ 1.1 million.
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