The world’s digital answer to collectibles that has fetched millions of dollars at art auctions this year could well end up being a daily necessity within a decade, according to a cryptocurrency doyen.
Non-fungible tokens, which are digital certificates of authenticity powered by blockchain technology, have the potential to add value for not just artworks but also everyday essentials such as retail goods, according to William Quigley, a co-founder of stablecoin Tether.
“All consumer products — that can’t be eaten — in the next 10 years will have digital twins. They will have NFTs,” Quigley said in a recent interview.
There’s a growing debate over the outlook of what some consider a key element of futuristic financing and others see as yet another digital asset bubble created by excess liquidity and inflation fears. The recent wild price swings for cryptocurrencies including Bitcoin, a result of rising environmental concerns and a widening crackdown led by China, have increased the uncertainties.