Expert Insights on Blockchain, NFTs, and the Future of the Metaverse
In 2021, the term ‘NFT’ (Non-Fungible Token) was chosen as the word of the year by Collins Dictionary, reflecting its meteoric rise in popularity and its reach into mainstream consciousness.
William Quigley first encountered the term ‘NFT’ about four years earlier, during his tenure as the CEO of OpSkins.com, a platform for trading virtual items in video games. In 2018, he sought to transition OpSkins to the Ethereum Blockchain but faced challenges regarding speed and cost.
Quigley has since offered his perspectives on Blockchain technology and discussed the metaverse coin projects he has invested in.
Is the blockchain the internet of the future?
To address the challenges he faced, William Quigley created a version of the EOS Blockchain and shifted OpSkins to this newly formed Blockchain.
This initiative marked the early stages of the Worldwide Asset Exchange (WAX), a Blockchain designed specifically for handling NFTs.
Quigley, along with his co-founder, further developed WAX during the cryptocurrency bear market of 2018 and 2019. By 2021, WAX was well-positioned to capitalize on the year’s trending topic, establishing partnerships with major brands such as Atari, Funko, and Hasbro. Quigley shares his insights on this development.
The triad for blockchain success
Quigley lays out three key reasons for the successful positioning of Blockchain against the major players in the crypto arena.
Metaverse coins and their prospects
Quigley sees a substantial market opportunity emerging from the intersection of the global video game industry, which generates approximately $200 billion annually, and the tokenization of just a fraction, around 10%, of consumer products. However, he also advises caution, noting that there is still a significant journey ahead to fully realize the potential of the metaverse.
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