The world of Crypto and NFT is wrapped in mystery. It's viewed with doubt, uncertainty, a sense of doom, along with a dose of positivity. Being new players, they do stand to be doubted, but we often confuse fear for doubt. This can lead to confusion. Abhi Shetty offers a way out of the confusion. In this exclusive interview, he shares his knowledge about the emerging sectors.
What are some of the misconceptions people have about Crypto?
A lot of people are of the opinion that investing in cryptocurrency can make anyone rich overnight. Abhi Shetty breaks it down for them. He says, "Crypto trading is like trading. Period. It lives on market fluctuations, on the fact that there is a constant rise and fall in price and value. That's how you make money. Crypto is new, it's a niche area, and people are bound to speculate, either out of fear or over-excitement. But it's important to separate the wheat from the chaff."
How are NFT and Crypto different from each other?
It's true that NFT and Crypto space are new in our world. Little is known about them to most people, and lesser is understood. No wonder the public feels that the whole business is shrouded in mystery. Abhi Shetty clears the air and says, "Traditionally, NFT and Crypto were not the same. The former is unique, and every NFT has a unique value, while when you exchange one bitcoin for another, the value remains the same. However, new players in the market are beginning to bridge that gap, and now blockchains like Ethereum are hosting NFTs on their platforms. It's a good move, too, since NFT is big with digital artists and gamers."
What does the future of NFT look like to you?
With change constantly knocking on our door, it's hard to really predict things in the long run. NFT is emerging as the next thing that's capturing the imagination. Being one of a kind, it's poised to make its presence felt too. But will it live up to the hype in the years to come? Abhi Shetty believes that "it all depends on the market. Things that stick around are the ones that stick in the minds of the users, help them genuinely and give them something valuable to do. It seems that for now, NFT is checking all those boxes."
It seems that for now the market is welcoming it and growing as we speak. The rest remains to be seen.