Popular VC Bill Tai Says Stocks and Real Estate Will Become NFTs in the Future

With the explosive growth of the non-fungible tokens (NFTs) space in recent months, popular global venture capitalist, Bill Tai, has recently opined that the time is not far off when stocks and real estate gets turned into NFTs.

Speaking with CNBC in a recent interview at the Crypto Finance Conference in St. Moritz, Switzerland, Tai emphasized that it is no longer a matter of “if” it will happen but a matter of “when” it will happen at scale.

Influence From the Web 3.0 Movement

Tai noted that the current ongoing Web 3.0 movement, which is the term used for a new blockchain-based decentralized system that intends to replace the internet as we know it today, will result in more assets being turned into NFTs.

True to Tai’s statement, the number of items being turned into NFTs has shot through the roof in recent times, with virtually everything becoming an NFT, from tweets, cats, frogs, dogs, to music, sports items, and even stones.

The NFT space has attracted the attention of both individual and institutional investors, avid art collectors, and enthusiasts, creating a multi-billion dollar industry.

Per data from the decentralized application tracking platform, DappRadar, the NFT market recorded a total of $25 billion in sales last year and the numbers are showing no signs of slowing down.

The crypto industry has witnessed several outrageous NFT sales made over the past few months, including Beeple’s NFT artwork which sold for a whopping $69 million at a Christie’s auction, Jack Dorsey’s first tweet NFT sold for $2.5 million, an Axie Infinity digital land sold for $2.3 million, and many more.

While most investors and market watchers are concerned about a bubble forming in the NFT space, Tai expressed his conviction that the transition to Web3 will encourage the creation and subsequent sales of more NFTs.

He said,

“Web 1.0 was read-only. Web 2.0 is read-write. Web 3.0 is the instantiation of a wrapper around everything that’s coming in and out of that screen so that it can move around. So it’s an internet of assets. You can put land titles on there, real estate, art, drawings, anything… It’s the most efficient way over time to assign ownership of really any asset.”

Tai Shares Interest in Bitcoin

In addition to his input on NFTs, Tai also expressed his interest in the leading crypto, bitcoin, describing its latest price slump as nothing more than “yet another wobble”.

“I don’t know when it’s going to go back up, but it’s going to go back up,” he said.

Speaking of bitcoin price predictions, Nexo’s co-founder, Antoni Tenchev, has reiterated his earlier prediction of $100k bitcoin before the year runs out.

This article is Originally posted on CoinCentral.com
Author: Obike Favour

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Author: Obike Favour