The CEO of ConsenSys believes that in the future, thanks to its functionality, NFT will blow up all sectors of the economy.
Joe Lubin stated during the Camp Ethereal 2022 summit that NFTs are a unique solution. The co-founder of the Ethereum blockchain answered the question of what he does in DeFi and what NFTs he acquires:
“I like having 12 hours of meetings a day. I read about a lot of things and I play with random transactions and people send me stuff, but I’m not very active in the NFT space.”
The Ethereum co-founder’s lack of collectible tokens didn’t stop him from declaring that the advent of this technology would have a huge impact on the world:
“NFT is a major invention, a profound innovation in computer science.”
NFTs work like a blockchain-backed receipt proving ownership of digital objects, Lubin argues. Non-fungible tokens have traditionally been used for items such as art, collectibles, and interactive video game elements. The founder and CEO of ConsenSys believes that thanks to blockchain records protected from changes and the absence of intermediaries, NFTs can have wider practical applications (for example, in real estate) and even “shake up all existing industries”:
“We are going to turn everything upside down on planet Earth. Transform the era of disparate repositories into an era of cooperation, where the functions of intermediaries will become more extensive, valuable and effective.
NFT is now widely used in the entertainment and content industry to create digital illustrations, images, profiles, sports and branded collectibles, and characters and items in blockchain-based games. Lubin believes that as more industries use blockchain and tokenised assets, there will be many new use cases for NFTs.
Lubin emphasized that he is “doing everything he can to bring to life as many NFT projects and disintermediation technologies as possible” in order to bring about a large-scale global change of the industry.
Last week, the audit and consulting company PwC released its Sports Outlook 2022 report, in which analysts singled out NFTs as one of the top destinations for digital assets in sports. At the beginning of the month, Blockstack CEO Muneeb Ali stated that NFT can be successfully implemented in various industries. However, it seems that collectors have slowed down the hype. After a sustained rise in performance, NFT sales fell 40% in February.
Source: Bits
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