The Ark Invest CEO compared the current state of NFTs to the early stage of DeFi when tokenomics and tokens were just introduced to users.
the retail-favorite trading app only accounts for roughly 2% of her fund’s position. Instead, she is more bullish on the wobbling exchange giant Coinbase and Jack Dorsey’s Block, as both companies are her top ten holdings.
She backed up her thesis by explaining that they are the major contesters of creating a predominant crypto wallet, which could be a game-changer that boosts the crypto revolution. In her view, the space could be a scenario of either “winner takes most” or two or three wallets owning the whole market. It’s too early to tell who may win the game, she added.issued by Goldman Sachs, Coinbase stocks are 85% below ATH.
She called extreme high yields given by some DeFi protocols and excessive leverages alarming matters exacerbated during a market pullback. In particular, algorithmic stablecoins are problematic: “As an economist myself, I didn’t understand them. It make sense to me that they are not going to exisit.”Wood also doubled down on the potential of NFTs representing the future of digital property rights. This, speaking from her professional experience as an economist, “could lift countries out of poverty.” NFTs will have numerous utilities in the future, she noted, like offering opportunities for creators to monetize their works.
She compared the ongoing rise of NFTs to the beginning of DeFi when tokens just came around, believing the ecosystem is at a consolidation stage as preparing for the exponential growth ahead.
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