Craig Russo, the director of innovation at blockchain startup incubator Polyient Games, thinks non-fungible tokens (NFTs) in the blockchain gaming space will outshine Bitcoin in the next crypto craze.
Russo says Polyient Games, which is 100% dedicated to investing in NFTs, is betting that the next crypto bull market’s biggest performers will not be headlined by Bitcoin or other major cryptocurrencies, according to a VentureBeat interview.
“Everyone’s waiting for Bitcoin to go up to $20,000 or $100,000 per Bitcoin. My own personal opinion on that is the next wave of crypto craze isn’t going to come in the form of the traditional cryptocurrencies. It’s going to come in the form of NFTs and the applications of blockchain gaming. That’s really how we’re positioning ourselves.”
NFTs are unique digital assets that represent something of value. The tokens can be used to buy and sell items in blockchain-based games.
Russo explains that NFTs can give additional legitimacy to peer-to-peer trading of in-game items, enabling players to have true ownership of items and profit off of them due to variations in demand.
“At first, tokens had no utility. But by tagging in-game items to the blockchain as tradable items, it has created an established market where these items have immediate value. It’s cool to think how that can expand. If I’m a gamer and I put effort into leveling up my items, I can sell those items to someone who wants to pay to play and doesn’t want to use sweat to level up items.”
Despite his optimism on NFTs, the Polyient executive acknowledges that the company’s immediate future is still tied to Bitcoin’s fortune.
In the long run, he expects blockchain and token economies to no longer be directly associated with cryptocurrency as adoption among mainstream audiences and developers grows.