Cryptocurrencies or Digital Assets, while a relatively new space and “a trend that has barely started” according to the Bank of America (BoA), is looking extremely bullish for the long-term outlook.
The most recent report, published by the BoA, has appraised the digital asset sector as a great innovation, and with a total market cap of $2.5T that is simply “too large to ignore”, we are seeing the digital asset ecosystem rapidly evolving to encompass “so much more” than just Bitcoin (BTC), which currently makes up $1.1T of the entire $2.5T digital asset market cap.
Currently there is a lot of innovation happening within the space which is advancing to transform the decentralised finance (DeFi) and Nonfungible Tokens (NFT’s).
DeFi, short for Decentralised Finance, is an entire new economic ecosystem of financial assets and services that are run on decentralised networks, known as a blockchain. It does not rely on central financial intermediaries, such as brokerages, exchanges or banks and instead uses smart contracts on blockchains, the most common one being Ethereum.
The main purpose of DeFi platforms allows people and large institutional investors to lend or borrow funds from others, trade cryptocurrencies and earn in some cases large interest amount on their savings-like accounts.
Nonfungible Tokens (NFT’s) are a unique asset class that can be anything digital and can’t be replaces with something else and are verified and stored using Blockchain technology to establish a verified proof of ownership. NFT’s can be anything from music to a website domain, with the current NFT craze being focused on artwork. NFT’s create a connection between creators and fans.
Also included in the BoA report, they noted that venture capital in the crypto and blockchain sector has dramatically increased in 2021, with more than $17B invested into the industry during Q1 and Q2 of 2021 alone, compared to just $5.5B injected into the sector in 2020.
The report also went on to state that there has been a major surge in crypto adoption, with an estimated 221 million users of digital assets globally had traded or used the Blockchain technology as of June 2021, compared to only 66 million users as of May 2020.
Mark Ten Caten, CEO of NGS Group stated in a recent interview, “The growth of not only the digital asset space but also the more recent NFT space is booming, even taking seasoned crypto users by surprise. People need to understand that Digital Assets are here to stay, and with a market cap of $2.5T this solidifies the point. Digital Assets and the blockchain technology that runs it provide the world with accessibility of their funds anywhere, anytime.”
Formed in 2013, NGS Group is a financial-technology (Fintech) business, that helps everyday investors to generate safe, high-return investments, that can create life-changing wealth. Upon establishment, our goal was to give our clients access to a new asset class in a way that was free from volatility, secure, yet still produced a high return on investment.
Essentially, we set out to create a product that could generate predictable, consistent returns – without risking our client’s initial capital through speculation or investing in assets and merely ‘hoping the market goes up’. In essence, we wanted to create a product that offered our clients the lowest amount or risk, with the highest possible returns – that could withstand any market or global financial collapses or recessions.
After years of development globally, we began offering our products to consumers in Australia in 2018 after getting approval from both ASIC (Australian Securities & Investment Commission) and the ATO (Australian Taxation Office). As of 2021 NGS has helped over 750 clients world-wide, to get involved in Digital Assets, with countless success stories of helping them to create life-changing wealth. With a proven track record of never paying out a client less than 12%, 5 offices world-wide (including 2 in Australia), and 100 staff members internationally, NGS Group have established themselves as Australia’s leaders in Digital Asset Mining.