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Blockstack CEO Muneb Ali spoke about the development of the non-fungible token (NFT) market. He believes that asset tokenization can be successfully implemented in various industries.
As a bitcoin supporter, Muneeb Ali commented on the NFT hype. On the one hand, he understands the critics who think it’s absurd to buy millions of dollars of JPEG images. On the other hand, it’s not just about the picture, because NFTs prove the status of a participant in the cryptocurrency space and beyond, Ali argues. Many proponents of collectible tokens believe that they add value to tokenized original items.
Ali cited the NFT Bored Ape Yacht Club as an example, which is considered a “pass ticket” to a closed community of collectors. Perks such as access to exclusive events, free additional NFTs that can be resold, and branded merchandise are available to them. Collectible tokens have a certain value for their owners and benefit them.
According to Ali, the potential of NFTs lies precisely in this, since tokenized assets can be found in a wide range of applications in real life. More superficial tokens will give way to “serious” NFTs that can be used for real estate transactions or as a share certificate. The NFT infrastructure allows industries from the physical world to materialize on the Internet, Ali added. This happens with the help of decentralized open source technology, and not under the “hood” of technology giants.
“NFTs are one of those things that are easy to ridicule and dismiss as trivia. But bitcoin, important as it is, is a fungible asset. And non-fungible assets are much broader because they can be anything,” Ali said.
Earlier, the head of Blockstack stated that not all decentralized applications should use the blockchain, unless it is absolutely necessary.
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