WEF 2022: NFT custody is ‘the missing piece’ for mainstream adoption, says Veritic CEO

On time 4 of the World Economic Forum 2022, presentations connected nonfungible tokens (NFTs) person taken spot with speakers sharing their takes connected NFT usage cases and adoption. 

At the Blockchain Hub Davos, speakers Veritic CEO Stephan Holzer and Seal Storage Technology CEO Alex Altman spoke connected the value of NFTs, their relation successful society, and however the assemblage tin pull the mainstream into utilizing the technology.

In his lecture, Holzer argued that simplifying entree to NFTs whitethorn propulsion mainstream adoption forward. According to the Veritic CEO, minting successful much unafraid environments and NFT custody is “a missing portion to mainstream adoption.” He explained that:

“We privation to alteration the adjacent cardinal and this needs NFT custody. And I personally judge that NFTS tin perchance person the imaginable tin perchance beryllium bigger than cryptocurrency itself.”

Holzer noted that providing first-time users with a much acquainted interface and custody services wherever users bash not request to acceptable up their ain wallets could beryllium a “game-changer” for the full market.

Apart from Holzer, Alex Altman, the CEO of Seal Storage Technology weighed successful connected NFT usage cases successful his talk. He gave assorted examples of however NFTs tin amended the existent authorities of affairs successful existent property and gaming. He said that:

“There's perfectly nary crushed that a deed to a location couldn't beryllium a unsocial integer plus arsenic agelong arsenic that plus is created and stored successful the close way. Given the information that an NFT is purely unique, that plus tin besides beryllium transferred truly easily.”

Altman besides pointed retired that galore are spending hundreds of hours playing games and processing characters wrong their games, and it ends with the subordinate conscionable leaving the game, and afterward, each the assets acquired “disappear into the ether.” With NFTs, Altman said that radical tin “develop that plus and make it into a real-world portion of information that you tin move, transportation and monetize.”

Related: WEF 2022, May 25: Latest updates from the Cointelegraph Davos team

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