Non-fungible tokens will blow up all sectors of the economy, predicts Joe Lubin

ConsenSys CEO Joe Lubin is confident that in the future, thanks to their options, non-fungible tokens will blow up all sectors of the economy. According to the crypto enthusiast, NFT is a unique solution, but the entrepreneur himself is “not very active in the NFT space” yet.

“NFT is a serious invention, a profound innovation in computer science,” said Lubin.

According to him, the non-fungible token works like a blockchain-based receipt that proves ownership of digital assets. NFTs are predominantly used in the arts, collecting, entertainment, and gaming industries. However, Lubin believes that non-fungible tokens can have a wider real-world use, for example, in real estate, as well as “shake up all existing industries.”

“We are going to turn everything upside down on planet Earth. Turn the era of disparate storage into an era of cooperation, where the functions of intermediaries will become more extensive, valuable and efficient,” said Lubin.

He also emphasized that he is “doing everything he can to bring to life as many NFT projects and disintermediation technologies as possible” in order to have a serious impact on changes in the industry.

Earlier, Blockstack CEO Muneb Ali also expressed his opinion on the development of the non-fungible token industry. According to him, asset tokenization can be applied quite effectively in various industries.

Ali believes that the NFT functionality can be used for real estate transactions or as a share certificate.

“NFTs are one of those things that are easy to ridicule and dismiss as trivia. But bitcoin, important as it is, is a fungible asset. And non-fungible assets are much broader because they can be anything,” Ali said.

The fact that NFTs are gradually gaining wider practical use is evidenced by Meta’s plans to introduce non-fungible tokens in Instagram. This information was recently confirmed by Mark Zuckerberg, who said that the NFT creation function could appear on the social network “in the coming months.” It’s interesting how this direction will develop further?

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