Raoul Pal criticized for labeling NFTs as the ‘ultimate long-term investment asset’

Raoul Pal, the CEO of Real Vision and a notable figure in macro investing, has ignited discussions in the digital asset arena by proclaiming NFTs as the “ultimate long-term store of wealth.”

His remark, which was captured in a social media post shared by the community, followed a broader perspective that highlights the impact of currency devaluation and technological advancements on a major transformation in asset ownership.

Pal stated, “You don’t have enough crypto. And when you do, you still don’t have enough NFTs, since art is the foundation of wealth. Prices will never be this low again.”

This comment prompted various reactions, ranging from support to skepticism and outright mockery, illustrating a clear division of opinions as the NFT market recalibrates after its speculative highs.

Influencer Lark Davis supported Pal’s perspective, confessing that he currently possesses only a handful of NFTs and plans to acquire more during this market cycle. In response, Pal recommended starting with a CryptoPunk, a well-known and early Ethereum-based NFT collection.

Supporters of Pal contend that he has frequently been ahead of market trends, citing his earlier predictions regarding institutional Bitcoin adoption and the emergence of Web3. They view NFTs, especially those with cultural significance, as a form of digital property that remains underestimated.

Conversely, a large segment of the community quickly refuted this claim, noting that NFT values are still substantially lower than the heights reached in 2021. Some critics labeled NFTs as “overvalued” and suggested they are “struggling in a liquidity drought.”

Investor and analyst Fred Krueger expressed disbelief at Pal’s statement about NFTs, commenting, “I kid you not.”

Gary Cardone resonated with this perspective, while other detractors questioned the appropriateness and validity of Pal’s assertion.

The dispute surrounding Pal’s remark underscores a growing belief within the industry that NFTs are speculative assets, with their long-term worth still unverified, even as the sector receives some backing amid declining enthusiasm.