September 22, 2022
By Anjali Kochhar
Avichal Garg, the CEO and co-founder of Electric Capital believes that nonfungible tokens (NFTs) will play an essential role in bringing crypto to the masses.
NFTs are relatable to aspects of everyday life such as art, music and games, compared to other crypto niches, he said.
“I could imagine that NFTs are actually many billions of people because it’s ultimately culture. And that’s something that everybody can participate in and everybody can understand,” Garg told Cointelegraph.
Particularly, Garg is bullish about NFTs being used in the gaming industry, which he sees growing at an exponential pace.
“In 18-24 months from now, I think we’re just going to see this onslaught of (NFT-based) games”, he said.
Several reports have surfaced in the recent time showcasing an upward trend in gaming-led metaverse market.
Over the last few decades, new technologies have emerged and created economic opportunities. Two of them are online gaming and blockchain technology. In recent times, there has been a rise in online gaming platforms including blockchain technology in their ecosystem.
Some of these games are built in the metaverse while others are just play-to-earn games encrypted by blockchain technology for transparency.
In the recent time, blockchain games have not only attracted Web3 users but have somehow intrigued Web2 users as well.
As per industry experts, blockchain gaming is also becoming more viable for mainstream adoption.
On another note, Garg further said that the bear market could last as long as the macro picture is dominated by high inflation, which means it could take another year or two before we’ll see the next bull cycle. But a 10-year time horizon, he feels extremely bullish on the crypto industry.
“Interest rates and inflation dominate in the short term when you’re talking about a 2-3 year time horizon. But innovation is the one that dominates in the long term.”, he pointed out.
Similarly, Edul Patel, CEO & Co-Founder, Mudrex- A Global Crypto Investment Platform believes that NFTs are an innovative technology that has rapidly gained momentum over the past year. In the rising digital world, they can allow companies, brands, and artists to maintain the authenticity of invaluable artifacts, he said.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.