Although some won’t adopt nonfungible tokens (NFTs), other medication is finding methods to realize the potential for NFT technology to resolve real-world problems.
Within an interview with Cointelegraph, Josh Katz, Chief executive officer of NFT marketplace YellowHeart, shared his ideas on making use of NFTs in ticketing, exactly what the NFT space may be like later on and whether NFTs can eventually exceed crypto in recognition.
Based on Katz, ticketing is among the most compelling use cases for NFTs. Citing the UEFA Champions League incident in Paris where fraudulent tickets caused chaos, the Chief executive officer stated that NFT tickets would be the solution:
“By supplying immutable evidence of authenticity for each ticket issued, venues and artists come with an effective defense against ticket counterfeiting.”
When requested about his ideas on which the NFT industry may be like within the a long time, Katz stated that NFTs will engage in many day-to-day activities in a variety of industries. He stated that this will occur when individuals understand that NFTs can increase engagement and eliminate intermediaries:
“The growth potential in NFT uptake and implementation is vast, and also the creative options associated with this are endless.
Katz also shared his ideas on whether NFTs turn into larger than cryptos like Bitcoin (BTC). He described that there’s room for because the two blockchain-based technologies their very own unique utilities and employ cases. “Crypto is transforming the way we make payments, and NFTs are widely-used to grant digital possession and authenticity in inventive new ways,” Katz stated.
Meanwhile, research says among the hurdles the NFT market must exceed is consumer trust. Market research conducted through the National Research Group demonstrated that just 15% of respondents have total rely upon NFT marketplaces. Regardless of this, the research demonstrated that there are an openness among fans to discover we’ve got the technology.