The rapidly growing sector of non-fungible tokens (NFT) has the potential of enabling wider acceptance of digital assets, according to CEO of global cryptocurrency exchange FTX Sam Bankman-Fried.
The FTX head says NFTs’ ability to trigger “mass adoption” of crypto assets has grown massively over the past 12 months.
“I would have given very low probability to that a year ago. Now I would give a decent probability to that…
…But I would now put NFTs in that top category probability-wise on with a couple of other things in terms of what brings a non-crypto native audience to crypto for something other than financial investing.”
According to Bankman-Fried, NFT activity is growing rapidly.
“…whether it’s integrating with video games, whether it’s ticketing for venues, or events, or teams, you know, I think that we’re seeing really active movements on those fronts. It [NFTs] makes a lot of sense as a product. And it’s a pretty clean innovation layer to add on top of the existing structures.”
The FTX head also says that the path forward for the tokenization of traditional securities such as stocks in the U.S. will be determined by the Securities and Exchange Commission (SEC).
“You know I think the big question that I’d ask is, who would list that product [tokenized traditional securities]? What exchange would? Are you looking for FTX or Coinbase listing? Are you looking for the New York Stock Exchange listing? Are you looking for some third type of platform listing? Is Robinhood [trading app] going to be able to?
That’s honestly the biggest question – what licensing would one need to offer such a product? Would it be offered on crypto rails or traditional clearing rails? And, I don’t know what’s going to happen there but that’s going to be a discussion with the SEC.”
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