The CEO of San Francisco-based payments company Ripple Labs says the ability of non-fungible tokens (NFTs) to tokenize various kinds of assets is being underutilized.
In a recent interview with Cointelegraph at the World Economic Forum, Garlinghouse says that NFTs will become more widely used once investors realize how useful they can be.
“Back in December I was interviewed and I said [NFTs] were ‘underhyped,’ despite the fact that there’s obviously a lot of hype in certain parts of the NFT market.
I think the tokenization of various assets is underhyped…
As leaders across the world learn how these technologies can actually benefit their constituents, benefit their economies, they’re going to use them.”
When discussing possible real-world use cases, Garlinghouse gives the example of carbon credits, which he believes could greatly benefit from the tokenization of assets into NFTs. Carbon credits are permits that grant the right to emit a determined amount of greenhouse gases.
“Carbon credits. Carbon credit marketplaces have been challenged because of, frankly, fraudulent carbon credits – people trading what actually aren’t carbon credit offsets – and the ability to have the traceability, the ability to have an open, visible to anyone trading is, I think, very important, and I think can revolutionize how carbon credit marketplaces and the efficacy of carbon credit marketplaces.”
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