Pantera Chief executive officer Dan Morehead highlighted the possibility growth and cost of decentralized finance (DeFi), Web3 functionality, nonfungible tokens (NFTs) and metaverse applications in the opening keynote speech at Token2049 in Singapore.
A large number of attendees converged on Wednesday in the Marina Bay Sands Convention Center for the beginning of the 2-day conference, featuring prominent loudspeakers in the cryptocurrency and blockchain ecosystem.
Pantera, a blockchain-focused investment fund with $4.5 billion of assets under management, stated it is constantly on the see value in emerging crypto use cases.
Morehead came parallels towards the early 2000s when emerging technology the likes of Amazon . com, Apple and Google started to draw in major investments after many years of dominance by Microsoft within the stock markets.
Morehead highlighted that although Bitcoin (BTC) and Ether (ETH) dominated investors’ cryptocurrency portfolios in the last decade, he contended that new projects and employ cases could promise increased returns:
“We’re almost at the stage where 1 / 2 of the whole market are stuff that aren’t the 2 primary blockchains and I’m still extremely bullish on Bitcoin and Ethereum. However I imagine these projects are likely to perform better still and really should maintain someone’s portfolio.”
DeFi, Web3, NFTs and metaverse projects contain the most promise, based on Morehead. The Pantera Chief executive officer also mused within the condition of DeFi, which suffered a difficult couple of several weeks following a Terra collapse and also the contagion of now-defunct lending firms.
Related: Pantera to shut Blockchain Fund right after raising $1.3B — double the amount target
Morehead recommended that DeFi’s current command of the $20 billion market cap, as compared to the traditional finance system’s $3 trillion means there’s lots of space for development in the sphere.
The Chief executive officer seemed to be bullish about Web3, given its concentrate on giving users charge of their data, in addition to platforms owned or controlled by communities instead of centralized entities:
“The existing internet is about removing value from you. There’s also some sketchy governance issues in big tech. I’m excited for any world where individuals create and add value and all sorts of these systems really own their data.”
Morehead went so far as describing Web3 because the most inevitable trade he’s seen, highlighting the opportunity of decentralized versions of existing projects to hands value to creators and users.
The Pantera Chief executive officer concluded his presentation by underlying his thought that the present cryptocurrency market cycle differs from previous years given strong fundamentals, pointing with a 200 million people who use blockchain-based platforms and cryptocurrencies, that could increase to 1 billion within the next 3 years.
