Will NFTs ultimately serve as high-end property and a symbol of social status?
Pal said just as “high-end property” often outperforms the market when the “economy recovers,” the same is likely to occur with certain NFTs during crypto boom cycles.
“And it tends to outperform the rest of the market. And I think the same thing will happen in ETH economy,” he added. Looking back, the former hedge fund manager said NFTs started to draw his attention in 2022 as he started to “understand the power of what they are and what they can do,” such as being able to transfer “value” via blockchains and automated smart contracts.
“Now what's interesting about the smart contract element of an NFT is the fact that it kind of allows for the settlement mechanism to be automated in code and resolves without the need for a third party so you don't need the courts, the lawyers, the notaries and the accountants.”
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