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Non-fungible tokens (NFTs) are being underutilized. This is what CEO of San Francisco-based payments company Ripple Labs, Brad Garlinghouse believes.
In a recent interview at the World Economic Forum, Garlinghouse explained that there is an upcoming adoption of NFT usage when investors will start to understand the potential of for example the ability to tokenize a wide range of assets. He said:
“Back in December I was interviewed and I said [NFTs] were ‘underhyped,’ despite the fact that there’s obviously a lot of hype in certain parts of the NFT market.
I think the tokenization of various assets is underhyped.
As leaders across the world learn how these technologies can actually benefit their constituents, benefit their economies, they’re going to use them.”
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Zooming in on real-world use cases, Garlinghouse talks about of carbon credits, which he thinks can benefit from tokenization into NFTs:
“Carbon credits. Carbon credit marketplaces have been challenged because of, frankly, fraudulent carbon credits – people trading what actually aren’t carbon credit offsets – and the ability to have the traceability, the ability to have an open, visible to anyone trading is, I think, very important, and I think can revolutionize how carbon credit marketplaces and the efficacy of carbon credit marketplaces.”