Will non-financial use cases of NFTs emerge in 2023?
MetaKovan, owner of the world’s most expensive NFT owned by an individual, believes that crypto and blockchain are still the remedy for human corruption.
Welcome to Forkast Forecasts 2023. In this series, leaders, innovators and visionaries in blockchains share their industry predictions for the year ahead.
Metakovan is a popular crypto art and non-fungible tokens (NFT) collector, who entered the public eye after purchasing the artist Beeple’s “Everydays” NFT for US$69 million.
Metakovan is the founder of Metapurse, a fund dedicated to supporting NFT artists by investing and collecting their creations.
Predictions for 2023
Non-financial crypto use cases could emerge
“It is important to understand that crypto is more of a technology. And the purpose of this technology is to enable self-sovereignty. Once it becomes a tool for an individual, it can also enable coordination among human beings. What we see happening is a perversion of that, and when this period slowly dies out, you would really find interesting and more non-financial [use cases] of this technology.”
The underlying value of NFTs will gain more attention
“This whole year, there have been so many conversations around NFTs. Again, it’s not the financial part… The NFT market has exploded and come down. But market cycles are like that. But fundamentally, to understand the value of NFTs, it is like the whole idea of crypto and self-sovereignty…. When I talk about this today, we’ve only seen projects like JPEGs being sold as NFTs. This is a primitive form of what NFTs could be.”
The Bitcoin network keeps producing blocks, despite human corruption
“It’s been a very tumultuous year. But I think the fundamentals of crypto [haven’t changed]. Until today, Bitcoin has never had downtime. Cryptography has never been broken. What’s happening is the same human corruption that we see in other industries, affecting this industry. In this time, it’s important to remember that crypto was the antidote to human corruption.”