NFTs ‘will be everywhere’ in years to come, according to crypto expert | City & Business | Finance

The cryptocurrency world has rapidly gained prominence over the past few years, with leading advocates claiming that they can revolutionize the way the global economy operates. Bitcoin and Ethereum among others have grown in popularity, with the entire cryptocurrency market totaling over £1.4 trillion at the time of writing, as reported by CityAM. Cryptocurrencies have also been criticized for their volatility, as well as the fact that they are unregulated. NFTs, or non-fungible tokens, are also gaining in popularity.

They usually take the form of digital images, and are bought and sold for large sums of money in a manner similar to how art is traded.

When purchasing an NFT, the purchaser will have the image link as proof of ownership.

The tokens are based on the blockchain, which means that purchases can be traced and their uniqueness proven.

Carol Alexander, a financial expert at the University of Sussex, believes NFTs will “be everywhere” in the future.

She said, “The public’s attention has been focused on NFTs. They will be everywhere. And once the public realized that, they became very interested in the technology.”

“In the future, all that requires proof of ownership will be the NFT.

“I think it’s this realization that got the market excited about this technology.”

Alexander also adds that NFTs can help companies and third parties more easily track documents and transactions, reducing the bureaucratic challenges that currently come with exchanges.

However, the world of NFTs is not without its critics.

One reason for the skepticism is similar to the skepticism surrounding Bitcoin – that NFTs are speculative assets in an unregulated market.

Read more: Bitcoin Price: Cryptocurrency Hit Longest Crash in Three Years

Like cryptography, there are also environmental concerns due to the energy used in transactions.

As NBC reported this week, there are also concerns about artwork being used to create images without the artist’s permission.

Alexander also gave her views on Bitcoin and Ethereum, claiming that the latter will enjoy more success in the long run.

It says Web 3.0, the third version of the internet that experts claim will include decentralization based on blockchains, will favor cryptocurrencies Ether, DOT, ADA and SOL.

Ether, DOT, ADA, and SOL are traded on the Ethereum, Polkadot, Cardano, and Solana blockchains, respectively.

Professor Alexander says they will enjoy more prominence on Web 3.0 because, unlike Bitcoin, they can implement smart contracts.

Smart contracts are used in block chains to outline agreements between two parties in an automated manner, rather than human interaction.

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For example, instead of requiring the bank to agree to transfer money from a client to a contractor, the process can happen automatically.

Professor Alexander explained why she believes that Ether, DOT, ADA, and SOL will outperform Bitcoin.

She told Express.co.uk: “Web 3.0 is here, and it’s growing. Bitcoin is a blockchain that can’t stand smart contracts. It was a joke from the start.

“Ethereum, Polkadot, Cardano, and Solana are designed specifically for smart contracts.

“The Bitcoin blockchain is obsolete, and if the currency is useless, it becomes a speculative asset that can be played by the giants of Wall Street.

“2022 will be the year of the coin. Ether, DOT, ADA and SOL – these coins power the very good blockchains that support Web 3.0.

“Bitcoin consumes a lot of energy, these other currencies are not. 2022 will be the year of the currency, but not Bitcoin.”