• Tether’s Co-Founder Believes There Is Money in NFTs for the Metaverse

  • Despite Tether’s success in 2021, one of its co-founders, William Quigley, believes the NFT market has a lot of room to grow.

    William Quigley, co-founder of the stablecoin Tether (USDT), believes that non-fungible tokens (NFTs) available in metaverses will generate annual sales of more than $10 trillion. In an interview this week, he discussed NFTs and the metaverse.

    When asked about the lush, blossoming NFT fields of 2021, Quigley said his sights are set on the non-fungible blockchain technology’s mass market possibilities:

    “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.”

    Quigley has some prior experience with NFTs. In addition to Tether, he founded Worldwide Asset eXchange (WAX), a proof-of-stake blockchain specializing in non-fungible tokens, as well as other ventures.

    Tether Founder: NFTs Have a $10 Trillion Market Alone in the Metaverse

    He expects annual revenue from sales of NFTs accessible in metaverses to be at least $10 trillion, telling Bloomberg that the market will be “orders of magnitude” larger than the current landscape for virtual items in video games:

    “Virtual items are now the revenue model in video games, 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.”

    Consider the metaverse to be a networked mesh of intelligibly networked virtual environments and augmented reality and the Internet of Things enhancements to real-world spaces.

    Facebook is developing a native metaverse that will be integrated with its other products, allowing coworkers in different time zones to attend meetings and sit across from each other in a virtual city.

    Apple, on the other hand, is interested in augmented reality. CEO Tim Cook has tirelessly promoted the technology and its possibilities, claiming that it is a chance worth as much to the computer company as the iPhone.

    The Metaverse Will Be Filled With One-of-a-Kind Digital Items

    This metaverse of digital capability leaking into reality and luring us into the virtual space will not be a mundane user environment with standard apps and capabilities.

    Instead, as envisioned by a recent Reuters report, the metaverse will be richly populated by users with unique programmable tokens powered by blockchain.

    According to Quigley:

    “When it happens, it is difficult to imagine and difficult to overstate the magnitude of the impact. “I believe that NFTs will be the metaverse’s revenue model.”

    In the metaverse, digital property rights, market infrastructure, and governance will not be enforced and supported by lawyers conspiring with armed enforcers, as every society in history has done.

    Instead, consensual participation in decentralized software protocols intelligently engineered to serve in the background as a vital utility with the broadest usefulness for developers to serve metaverse denizens will ensure these bulwarks of civilization.

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