• Tether co-founder says money in NFT is for Metaverse

  • William Quigley, co-founder of the stablecoin Tether (USDT), believes that the annual sales of non-fungible tokens (NFTs) that can be used in metaverses will reach over $10 trillion. He shares his thoughts on NFTs and the metaverse in an interview this week.

    When asked about the lush, blossoming NFT space in 2021, Quigley said his sights are set on the mass-market possibilities of unforgeable blockchain technology:.

    “From a consumer product perspective, what interests me is not one NFT selling for $1 million, but a million NFTs selling for $1 each. A whole new business of digital collectibles. That seems to me to have longer legs and a bigger market overall.”

    Quigley has some experience in NFTs himself. In addition to founding Tether, he founded Worldwide Asset eXchange (WAX), a proof-of-stake blockchain specializing in uncounterfeitable tokens, among other areas of development.

    Tether founder: $10 trillion market for NFTs in Metaverse alone

    He believes the annual sales revenue from NFTs available in the metaverses will be at least $10 trillion, a market he tells us he expects to be “several orders of magnitude” larger than the current prospects for virtual items in video games.

    “In video games, the revenue model right now is virtual items, and that’s a $175 billion a year business. I think the metaspace should be orders of magnitude larger than that because it’s everything, not just games.”

    Think of the metaspace as a mesh of intelligently connected virtual environments and the augmentation of real-world spaces through augmented reality and the Internet of Things.

    Facebook is building a local metaspace integrated with its other products, where colleagues living in different time zones can use virtual reality to attend meetings and sit across from each other in a virtual city.

    Meanwhile, Apple is also focusing on augmented reality technology. CEO Tim Cook has tirelessly pushed the technology and its possibilities, saying it’s an opportunity that’s as worthwhile for the computer company as the iPhone.

    Metaverse to be filled with unique digital projects

    This metaverse of digital capabilities spilling over into reality and drawing us into virtual spaces will not be a bland user environment with standard apps and features.

    The metaverse will be richly populated by users with unique programmable tokens powered by the blockchain.

    Quigley said.

    “When it happens, it’s really hard to imagine and exaggerate its impact. I’d bet that the revenue model for the metaverse will be NFTs.”

    In the meta-universe, digital property rights, market facilities and governance will not be enforced and supported by lawyers conspiring with armed enforcers, as every society in history has developed to this point.

    Rather, these bastions of civilization will be secured through consistent participation in decentralized software protocols that are intelligently designed to serve as a vital utility, providing developers with the widest range of usefulness in the background to serve the inhabitants of the superstellar world.

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