While some refuse to adopt nonfungible tokens (NFTs), others are finding ways to realize the potential of NFT technology to solve real-world problems.
In an interview with Cointelegraph, Josh Katz, CEO of NFT marketplace YellowHeart, shared his thoughts on using NFTs in ticketing, what the NFT space will look like in the future and whether NFTs can eventually surpass crypto in popularity.
According to Katz, ticketing is one of the most compelling use cases for nonfungible tokens. Citing the UEFA Champions League incident in Paris where fraudulent tickets caused chaos, the CEO said that NFT tickets are the solution:
“By providing immutable proof of authenticity for every ticket issued, venues and artists have an effective defense against ticket counterfeiting.”
When asked about his thoughts on what the NFT industry will look like in the years to come, Katz said that NFTs will be involved in many day-to-day activities in various industries. He said that this will happen when people realize that NFTs can increase engagement and cut out 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 crypto 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 said.
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Meanwhile, a study revealed that one of the hurdles that the NFT market must surpass is consumer trust. A survey conducted by the National Research Group showed that only 15% of respondents have complete trust in NFT marketplaces. Despite this, the research showed that there’s an openness among fans to learn about the technology.