For a long time now, Ethereum has been in news for pushing the whole non-fungible industry, but Tether’s co-founder William Quigley still doesn’t limit its growth potential.
As of July this year, NFT’s yearly revenues had risen to over $2.5 billion, with almost half of that alone in July. Quigley predicts NFTs can increase their metaverse to an annual sales of $10 trillion.
“What interests me as a consumer product is not one NFT selling for $1 million, but a million NFTs selling for $1 each. A brand-new digital collectibles business. That appears to have longer legs and a larger market overall.”
According to the co-founder, the market appears to be populated by transactions from crypto-rich individuals and known artists, but regular art buyers have yet to enter it. And when they do, we will witness an acceleration in the market growth in terms of annual sales.
Metaverse, a term borrowed from the Second Life and OpenSim technology communities that refers to interconnected digital virtual worlds, is now a popular topic among those who have recently become acquainted with NFTs as valuable virtual items, such as those traded in OpenSea and other NFTs marketplaces.
The term “metaverse” is less well-known in the crypto and digital worlds, but Facebook CEO Mark Zuckerberg has mentioned it a few times now, most likely implying that Facebook is heading in that direction. Vitalik Buterin, the co-founder of Ethereum, has also expressed his excitement about the cryptocurrency’s future possibilities. It is undeniably an area in which many businesses and individuals are investing heavily.
In his interview with Bloomberg, Quigley added that the metaverse welcomesChangpeng Zhao Says Financial Institutions Are Entering Crypto In Droves artificial reality, a technology that allows people to overlay real goods with digital environments. This will have an enormous impact on the metaverse and NFT markets. This is because NFTs are expected to be the new metaverse’s income model.
“The sales model is now a virtual item in video games, and that is a market of $175 billion annually. It’s more of magnitude, I believe, the metaverse, since it’s all, it’s not just games.”
Also Read: Changpeng Zhao Says Financial Institutions Are Entering Crypto In Droves
Wallets