'This isn't 2017:' Loomdart explains why crypto markets won't see a big bear market
Episode 82 of Season 3 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Loomdart, Co-Founder of MetaDrop.
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A lot has changed since the sluggish days of the crypto bear market in 2019, according to notable Twitter personality “Loomdart.”
The investor at Egirl Capital — an anonymous group of crypto traders — joined host Frank Chaparro for a discussion about how the market has matured since 2019's doldrums and why he believes it will only continue to mature in the years ahead. In Loomdart's view, cryptocurrencies are no longer as correlated with one other as they once were. However, he also acknowledged that today the recent Metaverse and NFT headlines have temporarily “hijacked” momentum in the $2 trillion market.
“Ever since this kind of metaverse narrative started and Facebook did the whole 'Meta' brand takeover, there has been this gigantic influx of capital,” he said.
To be sure, Loomdart is also talking his own book as the founder of MetaDrop, which recently helped Alien-themed shooting game VAIL raise money through an NFT drop. But the anonymous UK-native has data to back up his investment thesis. Over the past month, NFT gaming firm Sandbox raised $93 million, while Solana Ventures, FTX, and Lightspeed Venture Partners has raised $100 million for a blockchain gaming fund.
Loomdart told Chaparro that this VC interest in the metaverse and NFTs will ultimately feed back into the broader crypto market, thereby making it more dynamic.
“This isn't 2017, 2018's crypto anymore,” Said Loomdart. “Everything was just one market, but like crypto has evolved so far beyond that.”
In this episode, Chaparro and Loomdart discuss:
- How Ether's "flippening" of bitcoin could open up a Pandora’s box.
- Why Loomdart believes crypto prices will likely “slowly go up forever.”
- The impact of the macro backdrop on crypto prices.
- Why the metaverse will only take off if crypto is in the background.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.