NFT is just beginning to take shape, and the market has great promise - Cathie Wood

NFT is just beginning to take shape, and the market has great promise – Cathie Wood

Ark Invest CEO Cathie Wood believes that NFT has just begun the long road to becoming the way DeFi used to, and that this market has great promise.

Ark Invest CEO Cathie Wood said during an interview with CNBC that the current state of the market for non-fungible tokens (NFT) is very similar to the early days of decentralized financial systems (DeFi), when users got their first taste of tokenomics and tokens.

In her opinion, NFTs will gain many useful features in the future, such as the ability for creators to monetize their work.

Wood is confident in digital assets despite the difficult situation in the cryptocurrency market. According to her, the crypto-revolution is in full swing and there is no way global inflation can slow it down.

Wood doesn’t think the Terra crash had much of an impact on the DeFi system, which managed to get away with only a mild scare. She says Terra’s default exposed many systemic problems as excessive leverage for algorithmic stablecoins.

“As an economist, I didn’t understand them. But it’s clear to me that they’re not viable,” Wood stated.

Commenting on already denied rumors that FTX is planning to acquire Robinhood, the Ark Invest CEO announced that the popular retail app only accounts for about 2% of her fund’s positions.

But she is confident about Coinbase and Jack Dorsey’s Block, as both companies are among her top 10 assets.

Wood believes that these cryptocurrency companies are contenders to create a dominant cryptocurrency wallet that could change the landscape of the crypto industry and force global adoption of cryptocurrencies.

She believes that there could be one global wallet launched as well as several, according to her it is too early to say who will be the leader. Recall that Ark Invest analysts said in January that bitcoin could surpass $1 million by 2030.


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