Interview: Nansen CEO Alex Svanevik on Multichain Future and What’s Shaping the Crypto Industry

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Jai Pratap

Author

Jai Pratap

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Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

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Last updated:

September 19, 2024 04:49 EDT

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In an exclusive chat with the Cryptonews.com at TOKEN2049 in Singapore, Nansen CEO Alex Svanevek shared insights on the future of the multichain world and what he thinks is shaping the crypto industry.

Talking about the future of multichain, Alex said that it used to be kind of acceptable to be a maximalist of any one chain, but at this point it doesn’t really make sense anymore. “ I think we’ve demonstrated that the future is multi-chain, and, you know, that’s something we just have to embrace,” he noted.

Nansen recently acquired Singapore-based staking firm StakeWithUs.

“RWA is a huge trend”

Alex sees Real World Assets as a huge trend that’s shaping up the industry.

He said,” the first real world asset that had strong product market fit, and like Tether, Circle and so on, have demonstrated that. Now you have tokenized T bills, but you even have things like, you know, AI or compute DePin, things like tokenized GPUs and GPUs on demand. So to me, it seems obvious that in order for crypto to reach its full potential, you do need some kind of connection to the real world. It can’t be only digital, purely digital assets”.

However, Alex noted that it’s not one of those things that’s gonna explode overnight, it’s just gonna grow continuously and gradually increase the total market value of crypto in the next years and next decades.

Decline of Memecoins and NFTs

Nansen CEO sees memecoins to be on a decline now. He noted that people have started to get a bit of fatigue from meme coins, probably because so many of them got rugged from finding bad tokens on Dex Screener.

Alex compared NFTs to the ICOs trend back in 2017. He noted that around 20,000 NFT collections actually raised money that were launched in 2021 and now only a handful of them are around.

Alex said,”So to me, it feels like there’s been the remaining focus for NFTs, right now, at least the NFTs that came out in that last cycle, since we focus on blue chips and, you know, all the rest, have been pretty much decimated.

Natural synergy between crypto and Singapore Despite

Alex, who has been living in Singapore for the last three years sees the country as a great place for the crypto industry to build. Comparing Singapore and Dubai, Alex noted that the former has probably taken a slightly more cautious approach. “They’ve been a little bit slow on the licensing, which is why some of the exchanges have moved to Dubai. I do think Singapore is a great place to build.”

He further noted:

“I think there’s a natural synergy between crypto and Singapore. But of course, the main concern, as I understand it from the MAS, is that they don’t want retail to lose money, right? They want to protect retail investors. I don’t personally agree with all of their policies. I do think speculation is inherently a part of all markets, and people should be allowed to decide what they want to do with their own money.”