Tether co-founder William Quigley believes that the potential of unique NFT tokens has not yet been fully revealed. In an interview the day before, he stated that NFT-based products and metaverse could reach a market cap of $ 10 trillion in the foreseeable future. Let’s talk about what is happening in more detail.
Recall that the metaverse is a term for a utopian virtual universe freed from the cultural, social, economic and political problems of ordinary reality. It is mainly used to describe online augmented reality games that, in essence, can compete with everyday life. Something similar was depicted in the 2018 film Ready Player One.
The concept of NFT tokens fits perfectly with the metaverse. Thanks to them, players will be able to exchange various things and, in addition, feel it in their own pocket. After all, if the NFT is lost in the virtual world, then the player himself will also lose the value associated with it.
What will happen to NFT
According to Quigley, the annual revenue from sales of various kinds of NFTs will grow to at least $ 10 trillion, and the market itself will be the largest volume of transactions with virtual objects in modern video games. Here is a comment from an expert in which he shares his attitude to what is happening. The quote is from CryptoPotato.
In the video game industry, monetizing virtual objects is a $ 175 billion business. I think the metaverse should be ten times larger, since it will unite everything, not just the gaming industry.
We are talking here about virtual and augmented reality, where millions of people will interact with each other on an ongoing basis. It is noteworthy that initiatives in this area are already being actively promoted by such tech giants as Facebook and Apple.
We checked the actual data: now the trading volumes of NFT tokens are several hundred million dollars per week. Accordingly, for the month the figure exceeds the billion mark. In the future, the figure will be much higher.
Note that, at the same time, not all experts are confident in the future of NFT tokens. For example, the Chinese government the day before called the industry a bubble, that is, assets with an unjustifiably high value. According to officials, now the popularity of unique tokens is based solely on the hype. And when it ends, many holders of such coins will lose some of their invested funds.
According to Quigley, blockchain and NFT will form the basis for the unique digital elements of the metaverse. They will also contribute to a huge inflow of capital into this new phenomenon.
When this does happen, it will be difficult to exaggerate the impact of the NFT. I am betting that unique tokens will become the backbone of monetization in the metaverse.
The rapid pace of adoption can be seen not only in innovation areas like NFT, as Bitcoin is also gradually becoming useful in different regions of the world. A prime example is the recent partnership between the UK government postal operator and the Swarm Markets decentralized exchange. Thanks to this deal, users of the EasyID mail application will be able to purchase vouchers, which can then be exchanged for bitcoins.
According to Decrypt, some British politicians have opposed the initiative. Against this backdrop, Labor MP Angela Eagle made the following statement in a recent interview.
The Postal Service is putting a trusted brand at risk for a phenomenon that is not regulated and does not represent legitimacy or credibility. I think this needs to be stopped.
This means that the official once again hinted at the need to intervene in what is happening inside the cryptocurrency industry, and not particularly justified. The last time a similar thing was done by the US Securities and Exchange Commission, which opposed the Lend platform from Coinbase, which allows you to earn up to 4 percent per annum on stablecoins – that is, cryptocurrencies pegged to the value of the dollar. Read more about this in a separate article.
We believe that the NFT token industry has yet to really prove itself and find new use cases. Apparently, the gaming industry is really great for this, because thanks to unique tokens, gamers will have a greater sense of the reality of what is happening in the game. And in the near future we are likely to see the release of such a global product.