On the fourth day of the World Economic Forum 2022, there were presentations on non-fungible tokens (NFTs), with speakers sharing their thoughts on use cases and adoption.
At the Blockchain Hub Davos, Veritic CEO Stephan Holzer and Seal Storage Technology CEO Alex Altman discussed the importance of NFTs, their role in society and how the community can bring people to use technology.
In his lecture, Holzer argued that simplifying access to NFTs can boost adoption by the general population. According to Veritic’s CEO, minting in more secure environments and safekeeping of NFTs are “a missing piece for widespread adoption”. He explained:
“We want to enable the next billion, and this needs NFT custody. And I personally think that NFTs can potentially be bigger than cryptocurrencies themselves.”
Holzer noted that providing first-time users with a more familiar interface and escrow services where they don’t need to set up their own wallets could be a “game changer” for the entire market.
In his talk, Alex Altman, CEO of Seal Storage Technology, weighed in on NFT use cases. He gave several examples of how they can improve the current state of things in real estate and gaming. He said that:
“There is absolutely no reason why a deed to a house can’t be a unique digital asset, as long as that asset is created and stored in the right way. Given the fact that an NFT is purely unique, that asset can also be transferred very easily.”
Altman also pointed out that many people spend hundreds of hours playing and developing characters, but the game ends when the player leaves the match, as all acquired assets “disappear into ether”. Altman said that with NFTs, people can “develop that asset and turn it into real-world data that can be moved, transferred and monetized.”
In a round table on equality, Nicola Mendelsohn, Vice President of Meta, mentioned that there is a possibility that the creator of Bitcoin (BTC), Satoshi Nakamoto, is a woman. Without ruling out this possibility, Cointelegraph Editor-in-Chief Kristina Lucrezia Cornèr shared her belief that the creator of Bitcoin is a group of people made up of men and women and not a single person.
In an interview with Cointelegraph, Polkadot founder Gavin Wood underlined that Web3 has expanded beyond cryptocurrencies and decentralized finance. He explained that the term also refers to many new types of services that Web2 cannot provide.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.