Author : Zack
Date : Dec 29,2022
The creator of Cardano is excited to participate in the NFT industry
Charles Hoskinson, the founder of Cardano, spoke about NFTs and their potential future in a recent Twitter AMA. According to him, fungible tokens like Bitcoin could lose ground to non-fungible tokens in the future. Investors have been closely monitoring NFTs since they lost the majority of their value. Hoskinson thinks they are here to stay in the long run, despite the shift in fortunes.
In order to take advantage of the numerous use cases, his project, Cardano, is aiming to expand its NFT ecosystem. NFTs, according to Hoskinson, are excellent for expressing assets that defy standardization. A title deed, mineral rights, water rights, or any other idea of property rights come to mind.
They are also great at portraying players' characters in-game and in the gaming universe. Players are appropriately compensated in this manner. The use cases don't end there, either. NFTs can be used to symbolize experiences, accomplishments, and credentials, according to the founder.
He uses the case of a person who completed medical school as an illustration. That is something that only belongs to that individual, and its certificate cannot be transferred. Compared to use cases from the fungible world, these ones are more common.
NFTs and the Charles Hoskinson Plan
The creator of Cardano is excited to participate in the NFT industry in order to observe how things develop for this reason. He doesn't care about the money. He is worried about things like interoperability and governance. He is, however, prepared to "allow business people figure out alternative methods to make money."
Nevertheless, he acknowledges that non-fungible tokens might serve as assets and sources of income. His team has already discussed using them to represent intellectual property, for instance.
“A lot of what is at the end of the rainbow is going to be complex intellectual property negotiations—license deals. Like, we’ve had some discussions about how you represent a patent portfolio as an NFT. How you can sell the rights to the portfolio and then how that can turn into interest-earning future profits on that.”