Non-fungible tokens (NFTs) are set to expand well beyond the digital collectibles and art pieces that they are today, according to one industry insider.
Speaking in a recent podcast interview with TechCrunch, Gary Vaynerchuk (also known as Gary Vee), the entrepreneur behind the media company VaynerX and NFT collection VeeFriends, said that NFTs have a much broader purpose than simply being collectibles,
According to Vaynerchuk, the real-life utility potential of NFTs is perhaps the main thing NFT artists should take more seriously when they develop projects.
As an example, Vaynerchuk said he believes NFTs will find greater growth in areas like ticketing, contracts, and title insurance, rather than solely being digital collectibles.
He also compared the evolution of the internet, which he said used to be referred to as the “information superhighway,” to the much broader scope it encompasses today.
“Today, we know the internet for a lot more,” the NFT creator said.
Vaynerchuk further compared his initial goal of building a Disney-like universe to his current focus on creating a Sesame Street-like experience through NFTs.
But despite abandoning the Disney idea, the ambition of creating “a universe” in digital form remains.
“I want to create a universe, and I thought the technology of NFTs was an incredibly fun way to start that,” Vaynerchuk said in the interview.
As an entrepreneur with a successful background in e-commerce and the emerging web3 space, Vaynerchuk’s insights does hold some weight in the evolving NFT landscape, and his call for NFTs to expand beyond being mere collectibles could mean that the future holds exciting possibilities for these unique digital assets.
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