Crypto and non-fungible token (NFT) expert Kenn Bosak is sharing his take on what’s in store for the NFT craze.
In a new video, crypto analyst and trader Ben Armstrong invites Bosak on his channel to talk about the explosion in NFT popularity.
Bosak shares that while he believes the sector may be in a bubble, it is just one step on the way to full-fledged adoption.
“It’s a small bubble. We have that macro one in the future – this is just the very first micro wave of adoption we’re seeing…
Unfortunately, it’s going to have to go with that pet rock and Beanie Babies level of collectibles that we’re at right now. We don’t know what’s going to be a Pokémon card or what’s going to be a Beanie Baby.”
Bosak tells Armstrong that he is particularly excited about the prospect of NFTs decentralizing ownership of many asset classes, including music.
“Nothing I’ve ever done is from the investor’s perspective, it’s always from an end user [perspective], and I’ve just been benefiting from being an end user of things that have succeeded. I’m looking at buying music. And not buying a song on iTunes, I mean I want to own it… I want redistribution, I want licensing – this NFT in my wallet to that music that I own, I want to be able to walk into a production company studio and say, ‘Hey, you know that fight scene, I think this song would fit that fight scene fairly well.’ And they put my music in that fight scene… that’s where I’m at now. I’m buying music that I own.”
The NFT expert also envisions digital asset ownership taking gaming to the next stage of its development.
“The way gaming is moving right now – I’m again not a financial advisor – but my best investment of the year has been CHAIN (Chain Games), and that’s because I saw the potential in a blockchain gaming project that would say, ‘Hey, you play Call of Duty? If you get a lot of headshots, we’ll give you some cryptocurrency.’ And the amount of people I’ve seen playing Call of Duty and earning crypto – you know I think, moving forward… Esports 2.0 is coming to things like CHAIN or Enjin (ENJ) or WAX (WAXP) or whatever, and I wanted to be a part of all that.”
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Featured Image: Shutterstock/Pavel Chagochkin