“The summer of 2020 was known as summer, for the explosion of cryptocurrencies and decentralized finance .2021 will be known as the 'NFT Summer', because of the boom in non-fungible tokens, says Clara co-founder of The Venture City her own venture capital firm. In an exclusive interview, the investor expert assured that the future massive adoption of NFT assets in Latin America will come from the world of gaming and the virtual fields of the metaverse.
“At the end of the day, what we do as a venture capital trends and forecast where the next disruption will come from. We do not invest for the present, but for the future. We are not thinking about what works today, our great challenge is to discover what is going to work tomorrow, or in 5, 10, 20 years” said Bullrich.
The expert explained that the internet we know today "operates from these gigantic platforms that were created within Big Tech companies"and that current monetization schemes are not fair. Today, most of the profits go to businesses, and not to the content creators or users who power these platforms.
"When everything that has to do with blockchain begins to appear, then all this technology appears that is telling you that the world has changed. The era of aggregators getting it all is no more. If we are now in the era of subscriptions, we are about to enter that of ownership, that the creator owns his content and chooses how to monetize it. That creation itself is explosive, it is a new world ”.
Clara explained that owning a venture capital fund has her more than prepared to make dangerous bets. And, at this time, few investments are as risky as everything related to the blockchain, mainly cryptocurrencies and NFT assets
“When we see this at The Venture City, our first reaction is to jump into the water. We are assuming a lot of risk because there is no regulation today for these companies, as there is not in the entire crypto market. "We start by exploring the ecosystem first, we realize it's going to be explosive."
“It really is simple. NFT stands for 'non-fungible token', It is a piece of information that lives on the blockchain, that decentralized network that no company manages. This file is unique, there is no other identical. It is programmable, it is permanent, you cannot erase it, it stays in the blockchain forever ”, explained the investor.
As he explains, the most important characteristic that an NFT has ownership, that the creator can be the owner of his creations.
Bullrich dismisses digital art as a way for NFTs to gain greater acceptance. “Art NFTs are very aspirational, not everyone can buy them. In addition, many projects are being created, some are growing enormously. But, in reality, 80% of these projects do not have a substantial value it is not known if they will have it, "he warns.
Another barrier is that “97% of those NFTs in art, today, are operating on Ethereum platforms. You need to do the transaction in cryptocurrencies. " This is in addition to the fact that there is only one predominant platform to transact NFTs : OpenSea.io, which handles around “95% of what happens in digital art” and is based on the Ethereum blockchain.
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