Ava Labs CEO John Wu is unveiling what he believes is the most interesting innovation in the crypto industry right now.
In a new interview with Real Vision Media, Wu tells macro guru Raoul Pal that the tokenization of real-world assets is the most intriguing aspect of the crypto industry.
Asset tokenization is the process of creating virtual tokens on a blockchain that represent ownership of a particular property, whether it be digital or physical.
According to Wu, real-world assets are increasingly experimenting with tokenization, which should optimize workflow and save users money.
“Real-world assets are coming to the blockchain in a permissionless manner. Not just in a permission manner. Financial assets and titles, other things that are traditional in real-life-type assets.
The tokenization mechanism making it so easy to issue, to have your own ownership of the asset and be able to transfer that asset later on. And the rights to that ownership and the transfer rights being embedded into code is just a more elegant solution.
So these real-world assets are trying to explore the tokenization method. And guess what? You have transparency, and you actually save a lot of money because when everyone is working off of the same data set instead of their own style of data sets, you’re creating workflow optimization and better database management effectively.”
Wu also says that he views Web3 as the “internet of value,” where users can express their ownership of assets via tokens.
“You’re also creating a new way to express ownership of value. That’s what Web3 is to me: it’s the internet of value… That’s the first real big use case in tokenization, whether it be stablecoins or other assets.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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