Speaking on CNBC’s Market Alert, Mike Novogratz, the CEO of Galaxy Digital, said that the rise in popularity non-fungible tokens (NFTs) have seen in the past several months represents a big shift in culture.
When asked whether Visa’s latest CryptoPunk purchase meant something for the industry or was purely symbolic, Novogratz explained that the quick price moves seen in many popular NFTs are a result of people getting too excited at the very beginning of a new market trend. However, he believes that the hype won’t do much to delegitimize the industry.
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