Bitcoin bull Anthony “Pomp” Pompliano is placing a big bet on blockchain being the future for digital art.
In the latest episode of The Pomp Letter, the long-time crypto supporter predicted blockchain-backed digital art would reshape the industry. He claimed to have a “fairly high” confidence level in the fledgling venture and said it could see a six-thousand-fold increase in the future.
Pompliano pointed out the current discrepancy between the traditional art market and digital art industry as an indication for growth potential, with the former around $65 billion and the latter less than $10 million. He also noted the traditional art market outperformed the S&P 500 by more than 180 percent between 2000 and 2018.
Pomp compared the antiquated nature of traditional art to that of bitcoin and gold.
Similar to how Bitcoin is superior to gold in almost every way, digital art is superior to traditional art in almost every way also.
He continued, calling physical art difficult to transport, easily damaged and susceptible to counterfeiting in the absence of standard authentication practices.
Pomp and his partner Jason Williams announced investments into digital art marketplaces, including the Winkelvoss-backed Nifty Gateway which uses non-fungible tokens (NFTs) to verify ownership.
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