While some reject the adoption of non-fungible 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 Market YellowHeart, shared his thoughts on using NFTs in ticketing, what the NFT space will look like in the future, and whether NFT can eventually outperform cryptocurrencies.
According to Katz, tickets are one of the most compelling use cases for non-perishable tokens. Citing the UEFA Champions League incident in Paris where fraudulent tickets caused chaos, the CEO said NFT tickets are the solution:
“By providing immutable proof of authenticity for each ticket issued, artists and venues have an effective defense against ticket fraud.”
When asked about his thoughts on what the NFT industry will look like in the coming years, Katz said that NFTs will be involved in many day-to-day activities in various industries. He said this will happen when people realize that NFTs can increase participation and cut off middlemen:
“The potential for growth in the uptake and application of NFT is enormous, and the creative possibilities associated with this are endless.”
Katz also shared his thoughts on whether NFTs could become larger than cryptocurrencies like Bitcoin (BTC). He explained that there is room for both because the two blockchain-based technologies have their own unique tools and use cases. “Crypto is changing the way payments are made, and NFTs are being used to give digital ownership and authenticity in innovative new ways,” Katz said.
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Meanwhile, a study revealed that one of the hurdles that the NFT market must overcome is consumer confidence. A survey conducted by the National Research Group showed that only 15% of respondents had complete confidence in the NFT markets. Despite this, the research has shown that there is an openness among fans to learn about the technology.