What do NFTs do that Bitcoin does not?

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NFTs seem to be on a “killer frenzy streak” of late, poised to carry the blockchain industry to new heights. However, as with a slew of past new technologies, developments can be sluggish to take effect.

NFTs are opening up new income sources for all types of developers, including graphic artists, game designers, and musicians, among others. The range of objects they can represent is part of what makes them so appealing – interactive collectibles, game pieces, digital artwork, event passes, real estate, identification papers, 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.

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Recently, singer Grimes sold her artwork for $6 million, while Hollywood actress Lindsay Lohan, rapper Ja Rule, and Mark Cuban all cashed in on their NFTs.

The CEO ended the preceding interview by making a bold prediction about the same. He also made an analogy about the growing need for visual artworks over real ones in the future. He said,

“Every consumer product on this planet will be an NFT maybe in the next 5 or 10 years.”

However, the journey ahead for NFTs will not be without difficulties, as they may face regulatory obstacles in the future. Regardless, the crypto-space is still very young and needs to continue to develop as a whole ecosystem with the development of even more projects, even though those projects come and go.

 

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