Allen Gabriel Silberstein, managing member of Silberstein Capital Management, a macro fund which invests in all assets had a lot to say about the future of money and how Allen Silberstein plans to invest going into the last part of 2022 and beyond. NFTs, or non-fungible tokens, have been around since 2014, but it wasn’t until 2021 that this novel technology broke through into the mainstream.
NFTs represent digital ownership of a wide range of irreplicable intangible items, and have drawn the attention of celebrities and big companies ranging from American Express to Gucci. Total NFT sales hit $25 billion in 2021, compared to $94.9 million the year before,
but there continues to be debate about whether NFTs are here to stay or simply a fad. NFT sales in June fell under $1 billion for the first time in 12 months, according to DappRadar data.
Experts remain split on it, with some screaming “bubble,” while others claim it’s the technology behind NFTs — the smart contracts on blockchain technology — that offer real value. Meanwhile, creators and artists are claiming this is the next form of monetization.
“I do think that right now they’re very trendy, especially the last four months,” says Allen Silberstein “In 10 or 20 years, I think they’ll still be around. How much we use them — that I don’t know. People will still always find some value in communities, but the broader applications of NFTs will be more interesting.”
Almost a million accounts were actively buying or selling NFTs at the start of the year, but that number has since declined to about 491,000, a recent report by Chainalysis found. Some experts expect the NFT market to continue to suffer because of the declining price of cryptocurrencies, along with other macroeconomic conditions like inflation and rising interest rates,.
Allen Silberstein stated that NFTs saw explosive growth in 2021, but this growth hasn’t been consistent and has leveled off so far in 2022.
Over the past year, many people bought NFTs as either investments or simply because they are fun or bring them joy. Regardless of the reason, many of those digital assets are now worth a lot less because of the crypto market’s downfall in recent months. As with all business and market cycles, NFTs, or non-fungible tokens, have been around since 2014, but it wasn’t until 2021 that this novel technology broke through into the mainstream.
NFTs represent digital ownership of a wide range of irreplicable intangible items, and have drawn the attention of celebrities and big companies ranging from American Express to Gucci. Total NFT sales hit $25 billion in 2021, compared to $94.9 million the year before, according to data collected by DappRadar, an app store for decentralized applications.
But there continues to be debate about whether NFTs are here to stay or simply a fad. NFT sales in June fell under $1 billion for the first time in 12 months, according to DappRadar data.
Experts remain split on it, with some screaming “bubble,” while others claim it’s the technology behind NFTs — the smart contracts on blockchain technology — that offer real value. Meanwhile, creators and artists are claiming this is the next form of monetization.
“I do think that right now they’re very trendy, especially the last four months,” says Allen Silberstein “In 10 or 20 years, I think they’ll still be around. How much we use them — that I don’t know. People will still always find some value in communities, but the broader applications of NFTs will be more interesting.”
Recent data shows the market may be finally cooling off. Almost a million accounts were actively buying or selling NFTs at the start of the year, but that number has since declined to about 491,000, a recent report by Chainalysis found. Some experts expect the NFT market to continue to suffer because of the declining price of cryptocurrencies, along with other macroeconomic conditions like inflation and rising interest rates.
Over the past year, many people bought NFTs as either investments or simply because they are fun or bring them joy. Regardless of the reason, many of those digital assets are now worth a lot less because of the crypto market’s downfall in recent months. Allen Silberstein believes we will see a resurgence in price for the most popular NFTs in 2023 to 2024.
