Dan Morehead, CEO of Pantera, highlighted the potential and value of decentralized finance (DeFi), Web3 functionality, non-fungible tokens (NFTs) and metaverse applications in his opening keynote at Token2049 in Singapore.
On Wednesday, thousands of attendees gathered at the Marina Bay Sands Convention Center to kick off a two-day conference that will feature prominent speakers from the cryptocurrency and blockchain ecosystem.
Pantera, a blockchain-focused investment fund with $4.5 billion in assets under management, said it continues to see value in emerging cryptocurrency use cases.
Moorehead drew parallels to the early 2000s, when tech startups such as Amazon, Apple and Google began raising big investments after years of Microsoft dominating the stock markets.
Pantera Capital CEO and founder Dan Morehead.
Moorehead emphasized that while Bitcoin (BTC) and Ether (ETH) have dominated investors’ cryptocurrency portfolios for the past decade, he argues that new projects and use cases can promise greater returns on investment:
“We have almost reached the point where half of the entire market is something that does not belong to the two main blockchains. I’m still very optimistic about Bitcoin and Ethereum, but I just think these projects will work better and should be in someone’s wallet.”
According to Morehead, the most promising projects are DeFi, Web3, NFT and metaverse. Pantera’s CEO also reflects on the case of DeFi, which suffered a few months after the collapse of Terra and the infection of now-defunct lenders.
Related: Pantera Closes Blockchain Fund Shortly After Raising $1.3B – Double Target
Moorehead suggested that DeFi’s current leadership, with a market cap of $20 billion compared to $3 trillion in traditional funding, means there is plenty of room for growth in the sector.
The CEO was also positive on Web3, given its commitment to giving users control over their data, and platforms owned or controlled by communities rather than central organizations:
“The existing Internet is about extracting value from you. There are also some management issues that are not obvious in Big Tech. I’m excited about a world where people create and add value and all these networks really own their data.”
Morehead went beyond describing Web3 as the most inevitable trade-off he had seen, highlighting the potential of decentralized versions of existing projects to benefit creators and users.
Pantera’s CEO concluded the presentation by emphasizing his belief that the current cryptocurrency market cycle is different from previous years given the strong fundamentals, noting that around 200 million people use blockchain-based platforms and cryptocurrencies, and this number could increase to 1 billion in during the next few years. three years.