Crypto veteran Chris Burniske is expecting big things from memecoins in the current digital asset market cycle.
The venture capitalist says on the social media platform X that “memecoins’ tendency to trigger” suggests they will be bigger than expected going forward.
“The cultural relevance some NFT collections garnered in 2021 will be surpassed by some memecoins. Not here to endorse a horse, but the trend is clear.”
Burniske, a partner at venture capital firm Placeholder, also feels optimistic about the development of non-fungible tokens (NFTs).
“While memecoins replace PFP (profile picture) NFT collections that were primarily about the $$$, true art and creative utility will come into better focus for NFTs – space for an NFT renaissance, so to speak.
This segmentation will ultimately allow builders/creators to better speak to their tribes, and consumers to better diagnose the motivations behind the digital tribes they join.”
Burniske argued last month that conditions are aligning in favor of crypto as an asset class.
“It’s not just favorable rates and liquidity that are promising for our asset class, it’s maturation of the infrastructure, builder experimentation with apps, and continued user growth with active addresses >3x’ing in the last year (yes, addresses are only a proxy for users).”
At time of writing, memecoins have a total market cap of $53.573 billion while NFTs have a $24 billion valuation.
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