Nonfungible tokens (NFTs) have become very popular in the arts and gaming sectors, with billions of dollars in investment entering the space.
Nicholas Julia, co-founder and CEO of French nonfungible token (NFT) fantasy gaming company Sorare, believes that nonfungible tokens (NFTs) will be behind everything valuable on the web. Julia made this assertion while speaking at the Web Summit 2021 in Lisbon, Portugal.
NFTs have become very popular in the arts and entertainment world as more artists and creatives use them to digitalise their work and earn more money as a result. They are digital certificates of ownership representing a wide range of things, including videos, images, music and more. NFTs are stored in digital wallets, and the assets can be stored off-chain or on0chain.
Sorare is one of the leading NFT platforms in the world, allowing users to manage their football teams with digital player cards minted as NFTs. The platform allows the card to be bought, sold and transferred from one user to another.
While speaking about the future of the NFT sector, Julia said, “NFTs will be the underlying technology for everything of value on the web. It could be monetary value, or it could be personal value. I was mentioning your identity earlier on, so that’s something an NFT could carry for you on the web. It’s going to be invisible.”
Sorare is one of the leading NFT platforms in the world and is currently worth $4.3 billion after raising funds from investors, including SoftBank, in September. The NFT sector has experienced massive growth over the past few months.
In the third quarter of the year, NFT trading volume topped the $10 billion mark for the first time in history. The NFT space is expected to grow even bigger over the coming months and years as more investors and media companies enter the industry.