Former Goldman Sachs executive and macro expert Raoul Pal shared his thoughts on the altcoin market, which he thinks is part of the next trend.
“This altcoin market is the next trend”
Renowned economist Raoul Pal announced in a recent blog post that he entered the NFT market by purchasing a Bored Ape. According to Pal, NFTs like the Bored Ape Yacht Club (BAYC) collection are the start of a new social token or trend of cryptocurrencies reflecting community shares:
In my opinion, social tokens are the way of the future and that’s the way forward. You start with NFT communities and build a social network from there. Outside of the glare of the news feed, I had heard about the potential social token surrounding BAYC and that got me focused.
According to the CEO of Real Vision, social tokens will be intertwined with many different aspects of society and economy in the future. Pal also claims that Bitcoin (BTC) can be classified as a social token, but has a different community and characteristics:
Equality of universal benefit and the future of culture and society, cities and charities, business models and economic I believe in systems. After all, Bitcoin is just a social token with unique characteristics and all these social tokens can be used to create multiple types of digital sovereign nations, which is where I believe we are going…
Raoul Pal, social token’ He talks about the functions of tokens
Continuing his explanations, Pal says that NFT tokens can benefit, opposing the “gambling type” trope implied by Vitalik Buterin in his Time interview:
Social tokens get rich quick I don’t believe it’s a scam, instead I believe it can help the community achieve long-term benefit. Build utility, a vibrant, sprawling community, and a measurable amount of scarcity, and everyone can participate – either by investing in utility tokens (as future deferred benefit) or by valuing the community and receiving tokens. On an equal footing with the brand or creator. All incentives are compatible. As
Kriptokoin.com, Ethereum founder Viralik Buterin, along with his father Dimitri Buterin, in part of an interview he gave to Time magazine, used monkey NFTs (Ex: Bored Ape, Monkey). Kingdom) likened it to gambling.
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