Tether Co-Founder Says There is Money in NFTs for Metaverse

William Quigley, co-founder of Stablecoin Tether (USDT), believes non-fungible tokens (NFTs) accessible in Metaverses will reach over $ 10 trillion in annual sales. He shared his thoughts on NFTs and Metaverse with Bloomberg in an interview later in the week.

When asked about the lush, thriving NFT fields of 2021, Quigley said his gaze was on the mass market opportunities of non-fungible blockchain technology:

“From a consumer product perspective, I’m not interested in an NFT that sells for $ 1 million, but a million NFTs that sell for $ 1 each. A brand new digital collectibles store. That seems to me to have longer legs and a larger market overall. “

Quigley has some experience with NFTs himself. In addition to founding Tether, he started Worldwide Asset eXchange (WAX), a proof-of-stake blockchain that specializes in non-fungible tokens, among other things.

NFTs a $ 10 trillion market in Metaverse, Tether founder alone

He believes the annual revenue from the sale of NFTs available in Metaverses will be worth at least $ 10 trillion.

“With video games, the revenue model is now virtual items, and that’s an annual business of $ 175 billion. I think the metaverse should be orders of magnitude larger because it’s about everything, not just games. “

Imagine the metaverse as a network of understandably networked virtual environments and extensions of real spaces through augmented reality and the Internet of Things.

Facebook is building a native metaverse built into its other products in which employees who live in different time zones can use virtual reality to attend meetings and sit across from each other in a virtual city.

Apple now has its eye on augmented reality. CEO Tim Cook has relentlessly pushed the technology and its possibilities forward, saying this is an opportunity for the computer company worth as much as the iPhone.

Metaverse is filled with unique digital objects

This metaverse of digital skills spilling over into reality and pulling us into virtual space will not be a boring user environment with standard applications and functions.

Instead, as suggested by a recent Reuters report, Metaverse is being abundantly populated by users with unique programmable tokens powered by the blockchain.

Quigley says:

“When it happens, it’s really hard to imagine and hard to overestimate the impact. I bet the revenue model for the Metaverse will be NFTs. “

In the metaverse, digital property rights, market institutions, and governance are not enforced and supported by lawyers in conspiracy with armed enforcers, as any society in history has done so far.

Instead, these bulwarks of civilization are ensured by the consensual participation in decentralized software protocols that are intelligently designed to serve in the background as a vital utility with the broadest utility for developers to serve metaverse residents.

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