Panther CEO, Dan Morehead highlighted the potential growth and value of decentralized finance (DeFi), Web3 functionality, non-fungible tokens (NFTs), and metaverse applications in his keynote address at Token2049 in Singapore..
Thousands of attendees gathered Wednesday at the Marina Bay Sands Convention Center for the kickoff of the two-day conference.which features prominent speakers from the cryptocurrency and blockchain ecosystem.
Panthera blockchain-focused investment fund with $4.5 billion in assets under management, said it continues to see value in new use cases for cryptocurrencies.
Morehead drew a parallel to the early 2000s, when tech startups like Amazon, Apple, and Google began attracting big investment. after years of Microsoft’s dominance of the stock markets.
Morehead noted that, While bitcoin (BTC) and Ether (ETH) have dominated investor portfolios for the past decade, new projects and use cases could promise even higher investment returns.
“We’re almost to the point where half of the entire market is things that aren’t the top two blockchains, and I’m still wildly bullish on bitcoin and Ethereum. But I think these projects are going to do even better and should be in someone’s portfolio.”
DeFi, Web3, NFT and metaverse projects are the most promising, according to Morehead. Pantera CEO also reflected on the state of DeFiwhich suffered a few difficult months after the collapse of Terra and the contagion of the now defunct loan companies.
Morehead suggested that DeFi’s current dominance of a $20 billion market capitalization, compared to $3 trillion for the traditional financial system, means that there is a lot of room for growth in the sector.
The CEO was also bullish on Web3, given its focus on putting users in control of their data.as well as platforms owned or governed by communities, rather than by centralized entities:
“Today’s Internet is all about extracting value from you. There are also some governance issues in big tech. I’m excited about a world where people create and add value and all these networks actually own their data.”
Morehead went so far as to describe Web3 as the most inevitable commerce he has ever seen.highlighting the potential for decentralized versions of existing projects to return value to creators and users.
Pantera’s CEO concluded his presentation by underlining his belief that the current cryptocurrency market cycle is different from previous years given the strong fundamentalsnoting that there are some 200 million people using blockchain and cryptocurrency-based platforms, and that could increase to 1 billion in the next three years.
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