As much as there are millions of people around the world who love NFTs, there are those who constantly decry them as scams and as overhyped. Every other day, there is someone talking about how NFTs are hyped up by outside forces but are useless at their core.
NFTs; Underhyped or Overhyped?
During the interview, Garlinghouse said that there was a noted increase in world leaders embracing cryptocurrency. After flying under the radar for years and even being maligned by business and world leaders, cryptocurrencies seem to have proven themselves.
“As leaders across the world learn how these technologies can actually benefit their constituents, benefit their economies, they’re going to use them. […] I think we’re seeing that happen every day,” Garlinghouse said.
He also took some time to touch on NFTs, their use cases, and their perception by the public. Interestingly, Gralinghouse believes that NFTs are, “underhyped, in spite of the fact that there’s obviously a lot of hype in parts of the NFT market.”
An example of potential use cases for NFT mentioned by Garlinghouse was carbon credit trading. According to him, leveraging NFTs for this purpose will make the process more transparent and will alleviate fears of foul play.
“It could really revolutionize carbon credit marketplaces, the efficacy of carbon credit marketplaces,” he explains.
Over the last few years, we have seen NFTs be used for far more than speculative buying and trading. NFTs have been used to raise funds for charitable endeavours, to offer fractions of ownership of intellectual property, and even as means of documenting world events.
Granted, there is still the buying of NFTs on a speculative basis but more emphasis can be placed on their underlying use cases. It can be argued that the reason why many see NFTs as ‘overhyped’ is that they see millions being paid for NFT digital art (which they see as intangible) as opposed to them being used for more ‘practical’ purposes.
If this can be changed, perhaps the public narrative that often surrounds NFTs will be changed as well.
A Wide NFT World
With Garlinghouse’s remarks in mind, the next few years have the potential to be very definitive for the NFT space. The speculative part of the industry aside, NFTs can be leveraged in many other sectors for practical use cases and in a way that more consumers can relate to.
If this happens, we could see NFTs become a bonafide part of our daily lives beyond just media consumption and as money-making avenues. This will, in turn, lead to a more robust landscape where NFTs can secure a long-lasting presence in many different industries and on the world stage as a whole.