Founder and former Managing Director of Kraken, Jesse Powell, said there was one thing he could never have predicted about crypto assets.
In a new interview on The Breakdown crypto podcast, Powell says he never would have assumed that non-fungible tokens (NFTs) would drive the mass adoption of digital assets.
“More people are getting into crypto than ever before through things that I wouldn’t have anticipated, like NFTs. I think we need to find more things like that that are kind of this gateway use case for people who ask “why would I need Ethereum?” What am I going to do with it?
Powell goes on to cite a few examples of how NFTs have sparked mass adoption, such as social media giant Reddit posting collectible digital avatars built on Ethereum (ETH), the second-largest crypto asset by market capitalization.
“Reddit collectible avatars have been a huge hit and they’ve gotten millions of people into crypto just through the avatar system. People want to trade and customize these avatars, which are also NFTs, so I’m excited about stuff like that.
Powell, who recently stepped down as CEO of crypto exchange Kraken, goes on to note that there are many real-world use cases for NFTs that he believes will further develop the crypto industry. cryptography, as NFTs can help develop secondary markets.
“NFTs in general, I think there are a lot of real-world use cases for NFTs that are really tangible and practical. Ticket sales for concerts, for example, secondary markets for those, NFTs can usually upgrade them quite easily.This could be another major gateway…
[If] Ticketmaster is starting to use NFTs for everything, or if there’s a competitor to Ticketmaster that’s starting to use NFTs, there could be another integration event for us.
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