NFT Boom and Crash- Peter Woods

NFT Boom and Crash- Peter Woods

NFT will emerge stronger after the initial bubble pops, according to Peter Wood, CEO and co-founder UK based crypto trading platform CoinBurp.

Peter Woods in an interview drew a comparison to Bitcoin in 2017. He  opined that Bitcoin crashed after it hit a peak of $20,000 . in his words

“People called Bitcoin a bubble back in 2017 right? and when the bubble popped they thought it was the end of Bitcoin A few years later it was stronger than ever.”

The exorbitant prices and sales in the NFT market are being inflated by the guy that are trying to get into the NFT market and make quick money.

However, the investment into NFT infrastructure will stabilize the industry, because booms and crashes are all natural parts of the market cycles, woods stated.

“When it does [burst], and it will eventually because every financial market has this decline, what’s actually left behind will be a ton of more investment, like our company, who are building specifically for NFTs. The products don’t completely flourish over three to six months. We’re building the infrastructure now.”

Coinburp’s exchange was founded in 2018, after Wood transitioned from his previous project BitBroker, a UK-based crypto brokerage website

 

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