While speaking at the Token2049 cryptocurrency conference that kicked off in Singapore, Pantera CEO Dan Morehead emphasized the rise and significance of decentralized finance (DeFi), Web3 features, NFTs, and metaverse applications.
While Bitcoin and Ethereum have dominated cryptocurrency investor portfolios over the past ten years, Morehead argues that new initiatives and use cases may offer even higher returns on investment.
He noted “We’re almost at the point where half of the entire market are things that aren’t the two main blockchains. And I’m still wildly bullish on Bitcoin and Ethereum, but I just think these projects are going to perform even better and should be in someone’s portfolio.”
According to Morehead, projects involving DeFi, Web3, NFTs, and the metaverse have the most potential.
The Pantera CEO stated the industry has plenty of room to grow given that DeFi now has a $20 billion market valuation compared to the $3 trillion held by the traditional financial system.
Given Web3’s emphasis on providing people control over their data and its usage of platforms owned or run by communities rather than centralized entities, the CEO was also optimistic about it.
Morehead highlighted the possibility for decentralized versions of existing projects to return value to creators and users by calling Web3 an inevitable trade he had ever witnessed.
The CEO stated “The existing internet is all about extracting value out of you. There are also some sketchy governance issues in Big Tech. I’m excited for a world where people create and add value and all these networks actually own their data.”
In his closing remarks, Dan Morehead reiterated his belief that the current cryptocurrency market cycle differs from earlier cycles due to strong fundamentals, citing the 200 million users of blockchain-based platforms and cryptocurrencies that may reach one billion users within the next three years.
