Former Goldman Sachs executive and renowned economist Raoul Pal says traders greatly underestimate an altcoin market. Pal explains why this altcoin market is important.
“This altcoin industry is underestimated, but…”
Economist Raoul Pal shared a long series of tweets for Non Fungible Tokens (NFT) on a sad evening. Pal claims that NFTs will reshape nearly every aspect of societal infrastructure. However, he notes that the potential of this altcoin market has been greatly underestimated by everyone. This is how Pal begins his series:
Inspired by Friday, wine night, and my conversation on RugRadio, it’s time to write a topic about NFTs. I think people greatly underestimate what’s going on. Also, this is partly (very) partly about degenerating with monkey jpegs and .. butts.
The famous economist says that most people now think that NFTs are predominantly related to cultural purposes such as art, community or brands. But Pal states that this is just the tip of the iceberg. In his post, he makes the following assessment:
Right now people think of NFT as art or community. Both are great use cases for NFTs. We will see all cultural assets digitized and tokenized. My friend and colleague and Tareq Nazlawy pioneered this with Adidas and proved it.
“The use cases of NFTs will impact every field, including finance”
cryptocoin.comAs you follow, the general use case of NFTs is still limited. According to Raoul Pal, the tokenization of culture is almost endless and has only just begun. That said, most people miss the bigger picture. Pal then moves on to the use cases of NFTs. In this context, he gives the following examples, with particular emphasis on contracts:
All contracts will be NFT as they are more efficient, cheaper, faster and more secure. IDs, tickets, reservations, all insurance contracts, internet permits, car documents, real estate and more
Raoul Pal notes that the entire financial industry will eventually be integrated with NFT and Blockchain technology. Pal stresses that the entire financial industry is truly contract-based on a large scale. He then continues with the following statement:
Somewhere between $650 trillion and $4 quadrillion there are derivatives. $250 trillion of stocks, the same bonds, etc. there is. All of these are some kind of unrequited contracts. Some are large and some are one-on-one over-the-counter private options contracts.
According to the famous economist, all wealth management and funds will also be tokenized. Thus, it will be much faster, accessible, transparent and more efficient. On this subject, he concludes with the following statement:
The “smart” element of NFTs means that enforcement or dispute resolution, like “storage or ownership”, is automated, cheaper, and faster.
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