Here’s what Charles Hoskinson says about NFTs

Cardano co-founder Charles Hoskinson recently shared his thoughts on NFTs.

In a Twitter space hosted by Charles Hoskinson on December 26, he said the following about NFTs:

“NFTs are useful for anything you have a collection of or are associated with that goes beyond standardization. For example a land title, mining rights, water rights, any notion of property rights. In the GameFi realm, any notion of how your character develops throughout the game, your activities in that game, the special powers you accumulate, any rewards you accumulate – all of these things can and should be symbolized to some level…

You can also present experiences. Achievements can be presented, such as diplomas, certificates. Of course, when you went to medical school and graduated, that’s specific to you. It’s not fungible – it’s specific. NFTs as a format are useful in each of these areas, I think. It is therefore in fact a space larger than the fungible world. And you can secure them. you can take anything that’s an NFT and turn it into something associated with a source of income…

What I want to do is just get into the top tier, you know, Metaverse, GameFi and something related to collectibles, and then see how those things develop. And then I take care of things like governance and interoperability and that kind of stuff and let the sales people figure out how to make money somehow…

Much of what will happen at the end of the rainbow will be complex intellectual property negotiations. License Agreements. For example, we had discussions about how to represent a patent portfolio as an NFT. How to sell the rights to the portfolio and how this can then turn into future interest-bearing profits…

We can securitize patents as basic capital security for a company. For example, if you are a pharmaceutical company, you must sell shares. We can pre-sell part of your patent portfolio hoping that it will bring in money. There are so many little things to do…

Brand tokenization is also becoming more transparent, especially in a world where I believe TikTok influencers and users will be the first wave to tokenize their brands.

On October 7, 2022, renowned crypto analyst Ben Armstrong praised NFTs running on Cardano.

“Cardano NFTs are the best NFTs.”

Interestingly, a day earlier, Pieter Nierop, the owner/operator of the “Fans of Cardano” ADA staking pool, explained the popularity of NFT projects on Cardano:

“There are already many NFT projects on Cardano. Transactions on NFTs do not fail, the cost is relatively low and you do not lose your “gas costs”. NFTs on Cardano are reliable and there are already many NFT projects.

Image source: Pixabay

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