- The second half of 2023 has seen NFTs going through a significant downward trend.
- The founder of Cardano believes NFTs have great potential and can exceed crypto tokens.
- Hoskinson discussed how Cardano seems to capitalize on the capability of non-fungible tokens.
NFT floor prices are undergoing extreme lows; however, the founder of Cardano, Charles Hoskinson, thinks that NFTs have immense ability. He even said that non-fungible tokens might emerge bigger as compared to crypto tokens.
In a discussion on Twitter Spaces, Hoskinson talked about his approach towards the ecosystem of Cardano. His focus will revolve around the major use cases for non-fungible tokens.
Hoskinson believes that there’s more to NFTs and they represent every asset that is ahead of standardization. Moreover, NFTs showcase both the character and progress of a player in the gaming world besides showing the unique powers or rewards earned by them. The use of NFTs to showcase credentials, experiences, and achievements were also discussed by Hoskinson.
Cardano aspires to capitalize on the NFT space and Hoskinson wishes to be a part of it at a personal level to see how things happen.
Talking about the same, he said:
What I want to do is just get involved with the high-level, you know, metaverse, GameFi, and something related to collectibles and then watch how those things evolve.
At the moment, Hoskinson is not bothered about earning money from non-fungible tokens. He thinks that non-fungible tokens can turn into assets that lead to more revenue streams.
How NFTs can represent IP has been already discussed by his team. Some of these discussions include how a patent portfolio is represented like an NFT and how to sell the rights to the portfolio as well as how to evolve it into interest-yielding future profits.
Cardano’s other interest areas involve research and development with academic and industry experts who will work full-time on the project.