Bank of America Expresses Support for the DeFi and NFT Sectors

According to a recently published report by the Bank of America Corporation (BoA), the crypto industry is just getting started. In the report, the Bank of America states that “Crypto is a trend that has barely started – money is the easiest application and the Bitcoin use case started there.”

These statements done by the BoA offer a bullish perspective for the future of the crypto industry. 

The report that was originally published by BofA Securities on the 4th of October implies a high evaluation of the digital asset sector. Moreover, this report focuses on the innovation that is happening within the Non-Fungible Token (NFT) and Decentralized Finance (DeFi) ecosystem as a whole.

They claim that the huge market capitalization of the crypto sector cannot be ignored because it is “too large to ignore.” To add to this, they claim that cryptocurrencies are not just Bitcoin; but rather focus on Decentralized Applications (DApps), stablecoins, utility tokens that perform as operating systems, and even NFTs, stating that they “enable connections between creators and fans.”

“For us, digital assets are not about payments per se. They’re about a new computing paradigm – a programmable computer that is accessible everywhere and to anyone and owned by millions of people globally. […] The applications built on this new software architecture appear to be growing more quickly than past technologies,” said Bank of America.

Highlighting the growth of NFTs, the Bank of America also mentioned OpenSea, the biggest NFT marketplace, by stating that it accumulated over $2.5 billion only during the first two quarters of 2021.

To wrap it up, they warned everyone about the volatility associated with investing in the cryptocurrency sector. “NFTs need to be fully understood before they can achieve true adoption,” they said.

Also Read: New Record for the Total Value Locked in Ethereum 2.0 Amid ETH Supply on Exchanges Shrinking