While some people think NFTs as useless, some people believe they have potential to solve real world problems.
In an interview with Cointelegraph, Josh Katz, CEO of NFT marketplace YellowHeart, shared his thoughts on using NFTs in ticketing, what the NFT space will look like in the future and whether NFTs can eventually surpass crypto in popularity.
RELATED : Genesis Ledger NFTs Got People Excited
According to Katz, ticketing is one of the most compelling use cases for NFTs. Referring to many champions league matches where fake tickets cause problems, the CEO said that NFT tickets could be a solution :
“By providing immutable proof of authenticity for every ticket issued, venues and artists have an effective defense against ticket counterfeiting.”
As is known, NFTs are non-replicable entities. Originally there is one of each NFT, seems okey to use on tickets. Also Katz shared his thoughts on whether NFTs could have a bigger market than cryptocurrencies. “Crypto is transforming how we make payments, and NFTs are employed to grant digital ownership and authenticity in inventive new ways,” Katz said.
Meanwhile, a study revealed that one of the hurdles that the NFT market must surpass is consumer trust. A survey conducted by the National Research Group showed that only 15% of respondents have complete trust in NFT marketplaces. Despite this, the research showed that there’s an openness among fans to learn about the technology.
Although NFTs are indivisible , the real problem is who created these NFTs , it is a fact that many people are rich thanks to NFTs . That’s why people buy NFT to get rich quick. But a lot of bad minded people are selling these people fake NFT projects of no value. The biggest problem of NFTs and even the entire crypto ecosystem seems to be trust. We hope that in the future people will start entering the crypto market and everyone can profit.