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Bitcoin bull Mike Novogratz says NFTs represent a big shift in culture Bitcoin bull Mike Novogratz says NFTs represent a big shift in culture

Bitcoin bull Mike Novogratz says NFTs represent a big shift in culture

The billionaire CEO of Galaxy Digital believes that the froth currently surrounding NFTs doesn't affect its legitimacy as an industry.

Bitcoin bull Mike Novogratz says NFTs represent a big shift in culture

Photo by Philipp Potocnik on Unsplash

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.ย  However, he believes that the hype won’t do much to delegitimize the industry.

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