• According to Tether Co-Founder, NFTs have enormous growth potential and could reach $10 trillion in annual sales

  • According to Tether’s stable coin co-founder William Quigley, Ethereum has been in the news for quite some time now for driving the entire non-fungible tokens marketplace, but the growth potential is not yet capped.

    As of July of this year, NFT annual sales had reached around $2.5 billion, with nearly half of that value transacted in July alone. Quigley now claims that NFTs could reach $10 trillion in annual sales in the metaverse.

    “What interests me as a consumer product is not one NFT selling for $1 million, but a million NFTs selling for $1 each. A brand-new digital collectibles business. That appears to have longer legs and a larger market overall.”

    According to the co-founder, the market appears to be populated by transactions from crypto-rich individuals and renowned artists, but traditional art buyers have yet to enter it. And when they do, we will see an acceleration in market growth in terms of annual sales.

    Metaverse, a term borrowed from the Second Life and OpenSim technology communities that refers to interconnected digital virtual worlds, is now a popular topic among those who have recently become acquainted with NFTs as valuable virtual items, such as those traded in OpenSea and other NFTs marketplaces.

    The term “metaverse” is less well-known in the crypto and digital worlds, but Facebook CEO Mark Zuckerberg has mentioned it a few times now, most likely implying that Facebook is heading in that direction. Vitalik Buterin, co-founder of Ethereum, has also expressed his excitement about the cryptocurrency’s future potential. It is undeniably an area in which many businesses and individuals are investing heavily.

    Quigley stated that the metaverse has been welcoming of artificial reality, a technology that allows people to overlay digital worlds over real-world objects. This will have a significant impact on the metaverse and NFT marketplaces. This is because NFTs will most likely be the new metaverse’s revenue model.

    “Virtual items are now the revenue model in video gaming, and this is a $175 billion business annually.” I believe the metaverse should be orders of magnitude larger because it encompasses everything, not just gaming.”

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