Sam Bankman-Fried, crypto billionaire and CEO of FTX exchange, says that non-fungible tokens could be the thing that connects the crypto industry to the average person.
Speaking with Bloomberg’s Joe Weisenthal, Bankman-Fried said that a year ago, he would have given a very “low probability” that NFTs would bridge the gap between crypto and the mainstream. Now, he gives that scenario a “decent” level of probability.
“I don’t want to confidently say that will happen because I think it could be payment rails instead. I think there are a few things it could be. But I would now put NFTs in that top category probability-wise, along with a couple of other things in terms of what brings a non-crypto native audience to crypto for something other than financial investing.”
The CEO says that NFTs could become mainstream through a number of different avenues, including integration with video games, or ticketing for venues and events.
“I think that we’re seeing really active movements on those fronts and it totally makes sense as a product.”
Bankman-Fried wouldn’t be the first crypto exchange boss to see the potential in NFTs. Last month, Coinbase announced it was launching a new platform called Coinbase NFT. According to Coinbase, the new platform will be a “peer-to-peer marketplace that will make minting, purchasing, showcasing, and discovering NFTs easier than ever.”
In Coinbase’s Q3 earnings call, CEO Brian Armstrong said that he wouldn’t surprised if NFTs became “as big or bigger” than regular crypto trading, and revealed that Coinbase was looking to make their new NFT marketplace something similar to Instagram, “opposed to, say, an auction like eBay or something like that.”
“I think having people that you can follow, your favorite artists or creators and having a feed of content that gets populated from those people you follow, that could be really powerful. And in addition, you can go in there and buy an NFT if you really like it and you’ll kind of showcase in your own social profile.”