NFTs will drive the future: William Quigley
- William Quigley, a cryptocurrency pioneer, envisions the metaverse as a massive economic force that will transform people’s lives
- Mr. Quigley is a co-founder of WAX, a carbon-neutral proof-of-stake blockchain
- The value of Ethereum, which was under $100 in March 2020, drives the entire market
William Quigley, a co-founder of the stablecoin Tether and a cryptocurrency pioneer, sees the metaverse as a massive economic force that will drastically alter people’s lives in the coming years. Mr. Quigley is a co-founder of WAX, a carbon-neutral proof-of-stake blockchain focused on non-fungible tokens (NFTs) and video games. As blockchain technology advances, the metaverse, a concept of an internet-enabled virtual world where people have avatars and interact with digital assets and even physical items via augmented reality, is rapidly growing.
What are your thoughts on the rise of NFTs?
The value of Ethereum, which was under $100 in March 2020, drives the entire market. It’s now $3,500. It’s as if everyone had just received their annual pay, had it in their pocket and had just arrived in Vegas. They’re going to throw away some cash. Don’t be deceived, though. This isn’t a widespread phenomenon. I doubt there are many traditional art collectors who have abandoned Rembrandt in favor of Crypto Punk. I believe it is primarily crypto-rich.
What interests me from the standpoint of a consumer product is not one NFT selling for $1 million, but a million NFTs selling for $1 each. A brand-new digital collectibles company. That appears to have more legs and a larger market to me.
What about the concept of the metaverse?
It will be a significant transformation in business models and the way we connect with one another and the world when they are able to have a digital overlay of our reality. It’s difficult to imagine and emphasize the magnitude of the effect when it occurs. NFTs are expected to be the metaverse’s income mechanism, according to them. Virtual things are now the primary source of money in video games, which is a $175 billion industry. They believe the metaverse should be several times larger because it encompasses everything, not just games.
Some of the most popular altcoins have recently risen in value. What are your thoughts on this?
So something has been simmering for some time. Then, for reasons I’ll never understand, attention is drawn to it, and others begin to crowd in. This is when the speculative part comes in. They’ve been doing it for quite some time. It’s quite difficult to conduct fundamental analysis on anything like that because there’s no genuine explanation. It becomes ingrained in the culture. And as a result of the excitement, it rises.
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