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

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Pantera CEO Dan Morehead highlighted the potential progress and worth of Decentralized Finance (DeFi), Web3 performance, nonfungible tokens (NFTs) and Metaverse purposes in his opening keynote speech at Token2049 in Singapore.

1000’s of attendees converged on Wednesday on the Marina Bay Sands Conference Heart for the beginning of the two-day convention which options distinguished audio system from the cryptocurrency and blockchain ecosystem.

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

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.

Pantera Capital CEO and founder Dan Morehead.

Morehead highlighted that whereas Bitcoin (BTC) and Ethereum (ETH) dominated buyers’ cryptocurrency portfolios over the previous decade, he argued that new initiatives and use instances may promise even larger returns on funding.

“We’re virtually on the level the place half of your complete market are issues that aren’t the 2 foremost 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 based on Morehead. The Pantera CEO additionally mused over the state of DeFi, which endured a tricky few months following the Terra/Luna collapse and the contagion of now-defunct lending companies.

Related: Pantera to close Blockchain Fund soon after raising $1.3B — double the target

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

The CEO was additionally bullish about Web3 given its deal with giving customers management of their knowledge, in addition to platforms owned or ruled by communities slightly than centralized entities.

“The present web is all about extracting worth out of you. There are additionally some sketchy governance points in massive tech. I’m excited for a world the place individuals create and add worth and all these networks really 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 at hand worth again to creators and customers.

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