Non-fungible tokens (NFTs) are a top contender for the breakout star to 2021 with sales going into the tens of billions. This relatively new space has become the most important when it comes to cryptocurrencies and investors, even celebrities, have jumped on the bandwagon for a chance to profit from the blossoming industry.
While NFTs have been bashed by some in the market who have accused those involved in the space as using it as a way to launder money, others have recognized it for the opportunity that it poses both for creators and collectors. Billionaire Ray Dalio is one of those who have expressed interest in getting into the space which has taken the crypto world by storm.
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I Want To Get Into NFTs
Dalio sat down for an interview with host Lex Fridman on his podcast to talk about money, its impacts, and the crypto market. He touches on a number of important topics on this episode and also the new sweetheart of the crypto space, NFTs.
The billionaire investor expresses to Fridman that getting into NFTs is something that he plans on doing. He first talks about just purchasing one but then Fridman suggests to Dalio that he should in fact mint one himself to see what the process was like and Dalio agreed, stating “I think I should produce one.”
He however notes that while the space is very much real and NFTs are happening, there should also be some level of caution applied to new things. He added that there are always going to be real things that do not make it in the long run, citing the internet in the year 2000.
“Like all new, real things, some are going to go and some are going to… you know, it’s like the internet in the year 2000,” said the billionaire.
Competition Is Coming
Dalio is a supporter of the crypto industry and has disclosed in the past that he holds some bitcoin and ethereum, although not a significant amount, in his portfolio. He has now moved into the NFT space with he believes could be a good competitor in the coming competition among various currencies.
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He notes that there will be various types of monies in what he refers to as “a competition of monies” of which bitcoin will be one of them. Dalio also added that even central banks will produce their own crypto monies.
As for NFTs, he explained that they can also become a type of money in the future. One which investors would pick over cryptocurrencies like bitcoin when it comes to preferred ownership.
“There will be many monies, not just crypto monies. There will be central bank crypto monies,” Dalio stated. “NFTs too can become a type of money that could eventually make people say ‘I’d rather own it than own bitcoin’,” he added.
Featured image from Bitcoin News, chart from TradingView.com
