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Former Goldman Sachs executive Raoul Pal has said there is one major opportunity being overlooked in the Ethereum (ETH) ecosystem. The Macro Guru told to his nearly one million Twitter followers that CryptoPunks, one of the largest non-fungible token (NFT) projects in existence, is becoming increasingly attractive.
Namely, the founder of Real Vision shared CryptoPunks bottom price chart which shows declining prices, which he believes could be an opportunity for bulls. He indicated the following:
“Punks are getting more and more interesting… They’ve been holding around $100,000 in dollar terms, but in ETH. Tax season plus Blur farming has led to almost distressed prices.”
“As ETH rises over time, excess profits are recycled into trophy assets, with a lag. Same as traditional art when stock markets are strong.”
“Low prices seem to be an opportunity if you think crypto will go up a lot in the coming years, which I believe.”
While some struggle to understand how seemingly silly images can be so valuable, Pal said ETH holders often take their profits and put them into NFTs to diversify and send social signals to the rest of the space.
In a recent interview with NFT artist FVCKRENDER, Pal indicated that NFTs are game-changing and empowering creators and artists to act as a new avenue for mass blockchain adoption. The following was reported:
“[Artiesten en makers] have involved millions of people in blockchain. To be fair, artists are the people who really lead movements, be they musical artists or physical artists themselves…
This intersection between physical and digital, those two worlds are merging. So that’s a lesson. The other lesson is the metaverse [en] how it will become the future digital representation of everything. How to build brands from the ground up based on culture… To give their artists back control, I think that’s probably another mega trend we can see in the future.”
