While some decline to embrace nonfungible tokens (NFTs), others are discovering methods to understand the potential of NFT innovation to resolve real-world issues.
In an interview with Cointelegraph, Josh Katz, CEO of NFT market YellowHeart, shared his ideas on utilizing NFTs in ticketing, what the NFT area will appear like in the future and whether NFTs can ultimately go beyond crypto in appeal.
According to Katz, ticketing is among the most engaging usage cases for NFTs. Citing the UEFA Champions League event in Paris where deceitful tickets triggered turmoil, the CEO stated that NFT tickets are the option:
“By providing immutable proof of authenticity for every ticket issued, venues and artists have an effective defense against ticket counterfeiting.”
When inquired about his ideas on what the NFT market will appear like in the years to come, Katz stated that NFTs will be associated with numerous everyday activities in numerous markets. He stated that this will take place when individuals understand that NFTs can increase engagement and eliminated intermediaries:
“The growth potential in NFT uptake and implementation is vast, and the creative possibilities tied to this are endless.
Katz also shared his thoughts on whether NFTs could become bigger than cryptos like Bitcoin (BTC). He explained that there is room for both as the two blockchain-based technologies have their own unique utilities and use cases. “Crypto is transforming how we make payments, and NFTs are employed to grant digital ownership and authenticity in inventive new ways,” Katz stated.
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Meanwhile, a research study exposed that a person of the difficulties that the NFT market should go beyond is customer trust. A study carried out by the National Research Group revealed that just 15% of participants have total rely on NFT markets. Despite this, the research study revealed that there’s an openness amongst fans to find out about the innovation.