France’s Amundi believes NFTs have some merits as an investable asset. Amundi is considering giving its clients ways to tap into the market.
France-based Amundi is considering entering the NFT market. They are offering its clients the ability to invest in them, according to a yet-to-published report seen by Financial News.
“Ultimately, we cannot rule out that NFTs will also become investable assets.”
Further, Amunid is currently Europe’s largest asset manager with over $2 trillion in assets under management. As per the report.
The firm has yet to finalize how it will dive into the NFT space. However, they are considering multiple avenues.
He added: “We are thinking if there is a way to invest thematically in companies that are involved in this space.”
Moreover, Amundi’s chief investment officer Vincent Mortier told the newspaper. He added that the asset manager was also considering the option of a dedicated fund that would invest in NFTs.
Why is Amundi interested in the NFTs?
The NFT market has been booming since last year. They are generating more than $23 billion in trading volume during 2021, according to a DappRadar industry report.
Amundi’s Mortier told FN that digital art and collectibles were the most promising area in the NFT space.
“Some artists are doing artwork only for the NFT market, and this section of the market has some legs and is investible.”
He said, adding that they were easier to store and trackable, which gave them “some merits.”Further, Digital art in the form of NFTs has sold for millions of dollars in recent months. They have become part of the zeitgeist. In January 2022 alone, the NFT market generated more than $7 billion in trading volume. They are well on their way to setting another record-breaking year.
Furthermore, Canadian business mogul Kevin O’Leary, of SharkTank fame, believes the NFT market could become a “bigger, more fluid market” than bitcoin.
Also, Amundi has historically had a conservative view toward cryptocurrencies and decentralized finance. The asset manager has warned its clients against investing in crypto and previously called it “an asset without intrinsic value.”
