What are NFTs doing that Bitcoin isn’t?
Of late, NFTs seem to be on a shortlist of “killer frenzy streak,” poised to take the blockchain industry to new heights. However, like a slew of emerging technologies before them, changes can be slow to take root.
NFTs are creating opportunities for all kinds of creators with the likes of visual arts, game designers, and musicians, etc. all unlocking new revenue streams. Part of what makes them so exciting is the variety of assets they can represent – virtual collectibles, game items, digital artwork, event tickets, real estate, identity documents, certifications, and more.
NFTs were the subject of discussion during a recent interview with WAX Co-Founder William E. Quigley. According to the Tether co-founder,
“NFTs will stand side by side with movies, music, and video games as a distinct entertainment format. Every consumer product that cannot be eaten will become an NFT.”
NFTs with their easy transfer and proof of ownership have definitely unlocked a wide host of possibilities for real-world and virtual assets. Quigley, who has long been an NFT admirer, justified his position and views on the asset class by adding,
“The current crypto market revolves heavily around Bitcoin and cryptocurrency trading and mining. But to encourage mass adoption, it needs to move away from this area. NFTs are fuelling this as they have the capacity to capture the hearts and minds of individuals and onboard them into the blockchain space in a way that fungible currencies haven’t been able to.”
NFTs have seen “mass adoption” in recent years, as claimed by Quigley. Media personality and businesswoman Paris Hilton is no stranger to the same. Speaking to a CNBC correspondent recently, Hilton discussed her journey navigating the industry’s several NFT businesses and her latest investment drive towards cryptocurrencies.
The CEO concluded the aforementioned interview by giving a bold forecast regarding the same. He used an analogy too with respect to the increasing demand for digital artworks compared to physical ones in the future. He claimed,
“Every consumer product on this planet will be an NFT maybe in the next 5 or 10 years.”
However, the road ahead for NFTs is not without challenges as they may face regulatory hurdles in the future. Regardless, the crypto-space is still very young and needs to keep growing as an entire community with the production of many more projects, even if those projects come, fail, and go.