Kraken founder and former CEO Jesse Powell says there’s one thing he could never have predicted about cryptoassets.
In a new interview on The Breakdown crypto podcast, Powell says he never would have guessed that non-fungible tokens (NFTs) would lead to mass adoption of digital assets.
“More people are getting into crypto than ever through things that I wouldn’t have predicted, like NFTs. I think we need to find more things like that that are kind of a gateway use case for people asking ‘why would I need Ethereum? What what should I do with it?
Powell goes on to cite a few examples of how NFTs sparked mass adoption, such as social media giant Reddit releasing collectible digital avatars built on Ethereum (ETH), the second largest crypto asset by market capitalization.
“Reddit collectible avatars have been a huge success, bringing millions of people into crypto just through the avatar system. People will trade and customize these avatars, which are also NFTs, so I’m excited about things like that.”
Powell, who recently stepped down as CEO of crypto exchange Kraken, goes on to note that there are many real-world use cases for NFTs that he feels will further boost the crypto industry as NFTs can help develop secondary markets.
“NFTs in general, I think there’s a lot of real-world use cases for NFTs that are really tangible and practical. Concert ticket sales, for example, the secondary markets for those, NFTs can usually enhance those, quite easily. It could be another important gateway…
[If] Ticketmaster starts using NFTs for everything, or there’s a competitor to Ticketmaster starts using NFTs, that could be another onboarding event for us.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox
Check price action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/AVADA_FX