Pantera CEO bullish on DeFi, Web3 and NFTs as Token2049 gets underway

Pantera CEO Dan Morehead highlighted the potential progress and worth of decentralized finance (DeFi), Web3 performance, nonfungible tokens (NFTs) and metaverse functions in his opening keynote speech at Token2049 in Singapore.

Hundreds of attendees converged on Wednesday on the Marina Bay Sands Conference Middle for the beginning of the two-day convention, which options distinguished audio system from the cryptocurrency and blockchain ecosystem.

Related articles

Hector Swap: A revolutionary DeFi swap aggregator

2023-04-13

Fantom: Though DeFi-friendly measures show results, FTM remains in limbo

2023-04-11

Pantera, a blockchain-focused funding fund with $4.5 billion of property underneath administration, mentioned it continues to see worth in rising crypto use circumstances. 

Morehead drew parallels to the early 2000s when rising know-how firms like Amazon, Apple and Google started to draw main investments after years of dominance by Microsoft within the inventory markets.

Morehead highlighted that whereas Bitcoin (BTC) and Ether (ETH) dominated buyers’ cryptocurrency portfolios over the previous decade, he argued that new initiatives and use circumstances might promise even better returns on funding:

“We’re nearly on the level the place half of the complete market are issues that aren’t the 2 major blockchains and I’m nonetheless wildly bullish on Bitcoin and Ethereum. However I simply suppose these initiatives are going to carry out even higher and ought to be in somebody’s portfolio.”

DeFi, Web3, NFTs and metaverse initiatives maintain essentially the most promise, in response to Morehead. The Pantera CEO additionally mused over the state of DeFi, which endured a tricky few months following the Terra collapse and the contagion of now-defunct lending companies.

Associated: Pantera to shut Blockchain Fund quickly after elevating $1.3B — double the goal

Morehead recommended that DeFi’s present command of a $20 billion market cap, compared to the normal finance system’s $3 trillion means there’s loads of room for progress within the sector.

The CEO was additionally bullish about Web3, given its give attention to giving customers management of their knowledge, in addition to platforms owned or ruled by communities moderately than centralized entities:

“The present web is all about extracting worth out of you. There are additionally some sketchy governance points in large tech. I’m excited for a world the place individuals create and add worth and all these networks truly personal their knowledge.”

Morehead went so far as describing Web3 as essentially the most inevitable commerce he’s seen, highlighting the potential for decentralized variations of current initiatives handy worth again to creators and customers.

The Pantera CEO concluded his presentation by underlying his perception that the present cryptocurrency market cycle is totally different from earlier years given sturdy fundamentals, pointing to some 200 million those that use blockchain-based platforms and cryptocurrencies, which might improve to at least one billion within the subsequent three years.