Cardano creator Charles Hoskinson unveils roadmap for NFTs, says he’s surprised by massive growth of space
The creator of the Cardano (ADA) blockchain shares his thoughts on the short history of non-fungible tokens (NFT).
In a new Twitter space hosted by Charles Hoskinson takes listeners through a list of possible use cases that NFTs can fulfill as the sector evolves.
“NFTs are useful for anything you have a collection of or are connected to something beyond a standardization. So, for example, a land title. Mineral rights. Water rights. Any notion of property rights. In GameFi [gaming and decentralized finance] space, any notion of your character that develops throughout the game. Your in-game activities. The special powers you collect, all the rewards you collect – all of these things can and should be symbolized on some level.
They can also represent experiences. They can represent achievements, such as diplomas. Legitimation. Of course, if you went to medical school and graduated, that’s specific to you. It’s not fungible – it’s specific. NFTs, as a format, I think in each of these areas, are useful. So it is actually a larger space than the fungible world. And you can secure them. You can take anything that’s an NFT and turn it into something that’s associated with an income stream.”
Hoskinson then explains his own interest in the space and how he and the Cardano ecosystem plan to get involved.
“What I want to do is just get involved in the high-level metaverse, you know, GameFi and anything related to collectibles and then see how those things develop. And then I’ll worry about things like governance, interoperability and these kinds of things and kind of let the commercial people figure out different ways to make money.
Much of what is at the end of the rainbow is going to be complex negotiations over intellectual property rights. License agreements. 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 there can be interest-earning future profits on it.
We can secure patents as a non-diluted way of guaranteeing capital for a business. For example, if you are a pharmaceutical company, you need to sell shares. You can pre-sell part of your patent portfolio in anticipation that it will generate money. There are many small things that can be done.”
The Cardano creator also sees NFTs playing a big role in how brands and influencers connect with their audiences, perhaps starting with the video-sharing platform TikTok.
“Tokenization of brands is also becoming increasingly transparent, especially in a world where influencers and TikTok people, I think, are going to be the first wave to tokenize their brands…
But to be honest with you, I am amazed at the growth and scope of the NFT space. It has gone from nothing to very significant in a very short time.”
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Featured image: Shutterstock/david.costa.art
