- NFTs have come a long way, having achieved a lot and gained massive interest in different industries.
- Cardano co-founder Charles Hoskinson believes that NFTs can represent experiences and achievements like diplomas.
In his usual Twitter routine, Cardano co-founder Charles Hoskinson took his listeners through the list of possible use cases Non-Fungible Tokens (NFTs) could have as the sector grows. According to him, NFTs could be very useful to anything that can be collected or connected to something that is far beyond standardization. Per his observation, all of these should be tokenized at some level.
So, for example, a deed of land. Mineral rights. Water rights. Any notion of property rights. In the GameFi [gaming and decentralized finance]space, any notion of your character progressing throughout the game. Your activities within that game. The special powers that you accumulate, all the rewards that you accumulate.
NFTs have come a long way, having achieved a lot and gained massive interest in different industries. Hoskinson believes that NFTs can represent experiences and achievements like diplomas. He also explained the difference between specific and fungible. According to him, graduating from medical school for example is specific, not fungible.
NFTs, as a format, I think in each of those areas, is useful. So it’s a larger space than the fungible world.
Hoskinson explains the involvement of Cardano
In his submission, Hoskinson explained that anyone can pick anything that is NFT and convert it to something associated with the revenue stream. Speaking on his interest in the ecosystem and how his Cardano project could get involved, he mentioned that he is wary of things like governance, and interoperability.
What I want to do is just get involved with the high-level, you know, metaverse, GameFi, and something related to collectibles and then watch how those things evolve.
Hoskinson also sees NFTs playing a crucial role in connecting brands and influencers to their audiences. In this case, he believes TikTok could be the first platform to tokenize its brand. He also expressed his surprise at the growth and scale of the NFT industry from nothing within a very short time. Hoskinson further mentions the complex intellectual property negotiations in the NFT field. He believes that the conversation of how to represent a patent portfolio as NFT has already been discussed. Similarly, a discussion of how one can sell the rights to the portfolio and how that can be converted into interest-earning future profit on that has been held.
We can securitize patents as a non-diluted way of guaranteeing capital for a business. If you’re a pharmaceutical company, for example, you have to sell stock. You can pre-sale part of your patent portfolio in anticipation of it generating money. There’s a lot of little stuff like that that can be done.
The involvement of Cardano in the industry could have a huge impact on its adoption which could also reflect in its price. Also, there is a huge possibility that this will drive the ADA price to $1 in the long run.
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