NFTs are not dead, says Pat Mazza. They’re only resting. And will soon rise again, in his opinion.
Pat Mazza is not an amateur at spotting trends. He was one of the first to realize that the internet could be harnessed to expand his entrepreneurial endeavours. Today he is a serial entrepreneur living in Toronto, Canada. Pat Mazza made bold prediction: that non-fungible tokens, otherwise known as NFTs, and decentralized blockchain technologies are part of the largest technological innovation the world has yet to see.
Since their value has plummeted over the past month (June 2022), NFTs have been criticized by major news outlets as scams and speculative assets. However, Pat Mazza’s mood couldn’t be more different.
Mazza says. “NFTs are really fun for collectability and art, but they are a tiny part of consumer blockchain,” Mazza went on to say, “Eventually, we will all interact with NFTs because they will be our airline tickets, membership cards, and more.”
In other words, NFTs will evolve from price-swinging novelties to simple utilities used in every online transaction, Mazza said.
Blockchain technology simply does the job better than traditional digital or physical approaches, said Mazza. “Right now, we’re using plastic QR codes and email confirmation codes for many things that the blockchain will eat up because it’s better technology, and that will just take some time,” said Mazza. While there is always a learning curve with any new technology, he said. “It’s just a matter of time and we should just focus on communicating.”
“When there is significant technology change, most human beings go on defense – they don’t like it… But a small group takes the complete opposite take,” he said, and these are the people who reap the greatest rewards.
“NFTs are valuable precisely because they allow us to credibly and transparently signal ownership,” he said. For now, NFTs seem to be a way of monetizing personalities. But if Mazza is right, they will soon become a medium of exchange and a store of value – like the coins in your pocket, that have faces on them, but real value in them.
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