INSUBCONTINENT EXCLUSIVE:
Veteran crypto market watcher William Quigley says non-fungible tokens will drive the futureWilliam Quigley, a co-founder of
lives significantly in coming years.Mr Quigley is a co-founder of the Worldwide Asset eXchange or WAX, a carbon-neutral proof-of-stake
blockchain that specialises in areas like non-fungible tokens (NFTs) and video games
The metaverse, a vision of an internet-enabled virtual world where people have avatars and interact with digital assets and even corporeal
metaverse and more in an interview
Responses have been edited for length and clarity.What do you think of the growth in NFTs?The whole market is driven by the value of
Ethereum, which in March 2020 was under $100
It's like everybody just got paid their annual salary, it's sitting in their pocket and they just arrived in Vegas
They're going to waste some of their money.But don't be fooled
This is not a mass-market phenomenon
I suspect there aren't that many traditional art buyers who have abandoned the Rembrandt and are buying the Crypto Punk
million NFTs being sold at $1 each
A brand-new business for digital collectibles
That seems to me to have longer legs and overall a bigger market.How about the metaverse?When we are able to have a digital overlay of our
reality, it's going to be a massive change in business models, a massive change in the way we interact with each other and the world.When it
happens, it really is hard to imagine and hard to overstate the impact
I'm betting that the revenue model for the metaverse is going to be NFTs.In video gaming the revenue model now is virtual items, and that's
a $175 billion business annually
Any thoughts on that?So something is percolating for a while
And then for reasons I never understand, attention focuses on it and suddenly people pile in
That's the speculative aspect of this.I've been doing this for a long time
It becomes part of the zeitgeist
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