Winner of landmark auction breaks down his investment thesis on NFTs.
Nonfungible tokens are “ten times better than their physical counterparts”, according to digital art collector MetaKovan.
The pseudonymous art patron, who was recently revealed to be blockchain entrepreneur Vingaresh Sundaresan, bought the NFT of Beeple’s “EVERYDAYS: THE FIRST 5000 DAYS” for $69 million dollars earlier this year.
Explaining the motives behind his purchase in an exclusive interview with Cointelegraph, MetaKovan pointed out that NFTs have a number of advantages over traditional artworks: they are easy to transfer, they don’t have any storage costs, and their ownership can be shared. Also, they can democratize the art world by making it more easily accessible to digital artists all over the world, regardless of their nationality and social background.
MetaKovan even said that NFTs will bring crypto into the mainstream.
« A lot of people are going to get introduced to crypto by NFTs », he explained.
The art patron dismissed concerns about the potential risks of a speculative bubble growing in the NFT market. He thinks the frenzy around NFTs serves the purpose of accelerating adoption.
“If there is speculation, that’s ok, because we are making everything fast”, he said.
According to MetaKovan, the NFT market will eventually influence the price of large cryptocurrencies such as Bitcoin and Ethereum.
That could happen “in a year or so, when a lot more people will be using NFTs”, MetaKovan said.
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Author: Marco Castrovilli