next phase for nfts,.

Time:2022-01-26 Source: 866 views NFT Copy share

The NFTs boom is so big right now that many see the non-fungible tokens as the open path to crypto’s mass adoption. However, the popularity hasn’t changed many people’s confusion on why is there’s so much money being spent on something they see as non-functional.

The community has explained the sides of NFTs’ lure: the bragging, the innovative and curious fascination, the investor’s point of view, and the artist’s too. But as my grandmother would ask: What do you eat an NFT with? Meaning, is there any real-world use to non-fungible tokens?

Bloomberg reported that Kraken is working on an NFT marketplace that also works as a lending platform, allowing customers to use the non-fungible tokens as collateral, said the exchange’s founder and Chief Executive Officer Jesse Powell.

Powell suggested during the interview that he foresees the adoption of NFTs evolving into finding functional uses for them, and loans could be a popular real-world case.

Phase one was speculation, phase two is buying art and supporting artists, phase three is going to be functional uses of NFTs,

The report explains that the exchange is designing a system to calculate the liquidation value of each non-fungible token so the users can borrow funds against them. “If you deposit a CryptoPunk on Kraken, we want to be able to reflect the value of that in your account,” Powell said.

The Adoption Of NFTs Is ‘Kind Of Shocking’
The music industry, artists, collectors, investors, athletes, actors, politicians, there are so many communities entering the crypto space because of NFTs. From Taco Bell to Michael Jordan, everyone wants a piece of this explosive industry.

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