Top manager of Galaxy Digital Tim Grant: "NFT has a favorable future"

The top manager of the investment company Galaxy Digital is confident that the NFT industry has optimistic prospects, however, the macroeconomic situation may negatively affect bitcoin.

Tim Grant believes that the actions of central banks and politicians can have a bad effect on the price of bitcoin. He believes that bitcoin can no longer be called a retail asset class, besides, the first cryptocurrency is increasingly correlated with the stock market. According to Grant, the US Federal Reserve System (FRS) and European politicians strongly influence the BTC rate, so the future bitcoin quotes chart largely depends on the macroeconomic situation.

The manager of Galaxy Digital also mentioned the attack on Binance Smart Chain that took place last week. Grant believes that the likelihood of new hacks is high, but this is unlikely to provoke a fall in Bitcoin and other crypto assets.

As for non-fungible tokens (NFT), in the near future there will be a demand for them again, the specialist is convinced. The NFT industry is going through boom and bust phases, and after the huge interest in NFTs last year, the demand for collectible tokens has now declined significantly. However, Grant is confident that there are several worthwhile NFT projects that can return the industry to glory in the near future. True, he refused to name these projects.

“Recently, many major luxury brands have shown interest in collectible tokens. At every turn, there is talk of the metaverse and its interaction with the NFT. Some projects may renew interest in NFT in a couple of years, and in the long term, a more favorable environment will form for this industry.”

Last week, licensed trademark attorney Mike Kondoudis reported that more than 6,000 NFT-related applications have been filed with the US Patent and Trademark Office (USPTO) this year. This number is three times higher than last year.