TechFlow news, December 2 — Andrew Kang, partner at Mechanism Capital, posted on social media stating that the prediction market is about to enter the most prosperous NFT bull run in history. He noted that AI will become extremely wealthy and, unable to purchase physical luxury goods, will turn instead to buying NFTs.
Regarding NFT marketplace valuations, Kang believes that Magic Eden's current pre-IPO valuation of $3 billion highlights the severe undervaluation of Blur, which holds a larger market share. He expects that Blur's upcoming activation of its fee distribution mechanism will bring tangible returns to token holders, effectively balancing out the market impact of mining rewards.
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