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Alex Dovbnya

Mike Novogratz is convinced that NFTs will outperform cryptocurrencies in 2022

Non-fungible tokens will outperform cryptocurrencies in 2022, according to Galaxy Digital boss Mike Novogratz.

The billionaire recently predicted that the crypto market would continue struggling to regain its composure if U.S. stocks were to remain in a bearish trend:

Crypto will have a hard time rallying until stocks find a base.    

In October, Novogratz said that the NFT market was too overheated, urging buyers to take some chips off the table. This, however, wasn’t the case, and the sector continues to thrive despite uncertainly in the broader cryptocurrency market.  

According to data provided by Norwegian crypto analytics company Dune Analytics, the daily trading volume on the OpenSea marketplace hit $247 million on Feb. 1.    

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In early November, Novogratz purchased a CryptoPunk for roughly $440,000 worth of Ethereum while also announcing the launch of Galaxy Digital’s NFT collection.

Global brands such as Walmart are also seeking to become part of the NFT bonanza.

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