One of the leading artists of the web3 world Ovie “OSF” Faruq He talked about the world of blockchain. Faruq pointed out that if the Federal Reserve lowers interest rates, there will be significant developments in the NFT world.
Ovie Faruq, also known as OSF, was the guest of ConDesk. OSF drew attention to the effect of the Federal Reserve’s interest rates on the markets. Stocks by industry and NFT collections have space to rise again. However, for this to happen, interest rates must first be reduced.
Faruq, who is also a “credit derivatives trader” at Barclays, stated that “the NFT market is a ‘hybrid’ asset that is noticed by many people. Indeed, despite the existence of this hybrid cryptocurrency market, Nasdaq and its relationship with global markets continues.
Koinfinans.com As we reported, global NFT sales fell 89% from their January peak of 5 billion, according to CryptoSlam.
The main reason for this decline seems to be that the Fed increased interest rates to control inflation.
However, the utility of NFTs may increase as users move towards digital identities. “This general shift in secular trends is something that will not change and will continue to increase and become a bigger part of our lives,” Faruq said.