Pantera CEO bullish on DeFi, Web3 and NFTs as Token2049 gets underway
Pantera CEO Dan Morehead highlighted the potential development and worth of Decentralized Finance (DeFi), Web3 performance, nonfungible tokens (NFTs) and Metaverse purposes in his opening keynote speech at Token2049 in Singapore.
Hundreds of attendees converged on Wednesday on the Marina Bay Sands Conference Middle for the beginning of the two-day convention which options outstanding audio system from the cryptocurrency and blockchain ecosystem.
Pantera, a blockchain-focused funding fund with $4.5 billion of belongings below administration, mentioned it continues to see worth in rising crypto use instances.
Morehead drew parallels to the early 2000s when rising know-how corporations like Amazon, Apple, and Google started to draw main investments after years of dominance by Microsoft within the inventory markets.
Morehead highlighted that whereas Bitcoin (BTC) and Ethereum (ETH) dominated traders’ cryptocurrency portfolios over the previous decade, he argued that new tasks and use instances may promise even larger returns on funding.
“We’re nearly on the level the place half of the whole market are issues that aren’t the 2 foremost blockchains and I’m nonetheless wildly bullish on Bitcoin and Ethereum. However I simply suppose these tasks are going to carry out even higher and ought to be in somebody’s portfolio.”
DeFi, Web3, NFTs and Metaverse tasks maintain essentially the most promise in accordance with Morehead. The Pantera CEO additionally mused over the state of DeFi, which endured a tricky few months following the Terra/Luna collapse and the contagion of now-defunct lending corporations.
Associated: Pantera to shut Blockchain Fund quickly after elevating $1.3B — double the goal
Morehead recommended that DeFi’s present command of a $20 billion market cap compared to the normal finance system’s $3 trillion means there’s loads of room for development within the sector.
The CEO was additionally bullish about Web3 given its give attention to giving customers management of their knowledge, in addition to platforms owned or ruled by communities reasonably than centralized entities.
“The present web is all about extracting worth out of you. There are additionally some sketchy governance points in large tech. I’m excited for a world the place individuals create and add worth and all these networks truly personal their knowledge.”
Morehead went so far as describing Web3 as essentially the most inevitable commerce he’s seen, highlighting the potential for decentralized variations of present tasks at hand worth again to creators and customers.
The Pantera CEO concluded his presentation by underlying his perception that the present cryptocurrency market cycle is completely different from earlier years given robust fundamentals, pointing to some 200 million people who use blockchain-based platforms and cryptocurrencies, which may enhance to 1 billion within the subsequent three years.
