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The CEO and co-founder of Electric Capital, Avichal Garg, describes himself as "an NFT maximalist." He believes that non-fungible tokens (NFTs) would be crucial for commercializing cryptocurrency. NFTs are related to parts of daily life, including art, music, and gaming, in contrast to other crypto-niches. He is an executive in technology and a successful entrepreneur. Avichal sold two businesses and most recently served as Director of Product at Facebook, which purchased his startup Spool in 2012. He used to work at Google on search and advertisement ranking. He also works part-time at YCombinator and is a frequent angel investor. In an exclusive interview, Garg said,
"I could imagine that NFTs are actually many billions of people because it's ultimately culture. And that's something that everybody can participate in, and everybody can understand."
Wide Use of NFTs in the Gaming Sector
Garg is particularly optimistic about the usage of NFTs in the gaming sector. He predicted that people would witness this avalanche of NFT-based games in 18 to 24 months. For instance, the European NFT platform, Sorare, is actively involved in sports digitalization. Sorare is adding new sports after launching a fantasy football game this year. Users will assemble a group of NBA superstar collectibles based on the NFT that will compete in a fantasy game and earn points based on their performance. The game will be released in October.
Bear Market to Continue
According to Garg, the bear market might continue for another year or two if high inflation keeps dominating the macroeconomic landscape. However, he feels enthusiastic about the crypto business when he looks out over a 10-year time horizon and beyond the current macroeconomic situation. When considering a time horizon of two to three years, he claimed that interest rates and inflation dominate in the short term. However, innovation ultimately prevails in the long run.