Venture capitalist predicts stocks and property will be converted into NFTs

In the future, non-fungible tokens will be used to represent company stocks and real estate, says venture capitalist Bill Tai. During an interview with CNBC’s Arjun Kharpal on Wednesday, the tech investor said the deal was almost a certainty. Tao told the Crypto Finance Conference in St. Moritz, Switzerland, that it was only a matter of when it would happen at scale.

Digital assets known as NFTs can be purchased, sold, and traded over the web. A Virtual Asset ID (VID) describes a person’s ownership of a particular virtual item, such as a picture or a video online or a sports trading card. In the current state of affairs, anyone who purchases an NFT of a stock has no idea why they would do so or what they could do with it.

Popularity of NFTs grows with well-known names

NFTs have become more popular over the past year. The source code of the Internet, the first tweet by Jack Dorsey, and much more have been available on NFTs. However, some people are puzzled as to why these non-tangibles are being sold for so much money. Beeple is a South Carolina-based graphic designer whose real name is Mike Winkelmann. He sold an NFT for a record-breaking $69 million in March at Christie’s. NFT of the web’s source code sold for $5.4 million in June.

In 2021, DappRadar reported total NFT sales reached $25 billion as speculative crypto-assets boomed in popularity. Coca-Cola and Gucci are two other world-renowned brands that have sold NFTs. In response to concerns about an NFT bubble, Tai, who has invested in start-ups like Zoom and Scribd, said he expects the internet will become more and more NFT-based as we move from Web 2.0 to Web 3.0. He described Web 1.0 as a read-only environment. Web 2.0 is writeable. In Web 3.0, everything that enters and leaves that screen is wrapped in a wrapper so that it can be moved around. That’s what we call an “Internet of assets”.

Internet of assets

“Anything can be listed there, including land titles, real estate, art, and drawings”. He explained, noting that everything has a unique address so that people can discover it through a marketplace. “Over time, it is the most efficient method for assigning ownership over any asset.”

Additionally, Tai is interested in cryptocurrencies just like many other NFT advocates. The latest crypto collapse – in which bitcoin’s value briefly fell to as little as $40,000 on Monday – was “just another wobble” for him, but he’s optimistic that it will rebound. He added that cryptocurrencies are at the center of institutional acceptance, adding that he did not know when the price would rise again. As more institutional investors embrace bitcoin, the price may nearly double to $75,000 this year, according to the CEO of Seba Bank.

As of right now, the bank’s internal models indicate that the price is between $50,000 and $75,000, said its CEO. ‘I am fairly confident that will be the price’ he said.

Leave a Comment