Cryptocurrency veteran Chris Burniske expects big results from Memecoin in the current digital asset market cycle.
The venture capitalist says the “trend of triggering memecoins” on social media platform
“The cultural relevance of some NFT collections in 2021 will surpass even some memecoins. “I’m not here to endorse horses, but the trend is clear.”
Burniske, a partner at venture capital firm Placeholder, is also optimistic about the development of non-fungible tokens (NFTs).
“While memecoins will replace PFP (profile picture) NFT collections that are primarily about $$$, true art and creative utility will be more focused on NFTs, which is a space for an NFT renaissance, so to speak.
This segmentation ultimately allows builders/creators to better communicate with their tribes, and consumers to better diagnose the motivations behind the digital tribes they join.”
Burniske claimed last month that conditions were creating in favor of cryptocurrencies as an asset class.
“What is promising for our asset class is favorable interest rates and liquidity, as well as the maturity of our infrastructure, experimentation by app builders, and continued user growth with active addresses more than tripling in the last year (yes, addresses are just proxies for users).”
As of this writing, the total market capitalization of Memcoins is $53.573 billion and the NFTs are valued at $24 billion.
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