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NFTs firm up against crypto gyrations

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“By making things non-fungible, NFTs have found a way to represent scarcity on the internet. There is only one NFT and one owner.”

Charmyn Ho, head of crypto insights at cryptocurrency and NFT exchange Bybit. 

And they are creating new ways of trading, she says.

“NFTs represent ownership digitally on a blockchain, which means ownership and provenance can be independently verified with a few clicks, and the item can be traded digitally with anyone globally,” says Ho.

“NFTs can be used as collateral to take out loans, and even bundled together into a vault with tokens issued for sale backed by the value of the vault, similar to gold ETFs.”

“We expect NFTs to replace contracts and deeds in the future. For example, real estate ownership will be conferred by transferring an NFT between parties.”

This functionality is already in use for the current crop of NFTs with expensive NFTs being used as collateral for loans. However, in theory, this process could be used for anything.

“The main hurdle to mass adoption is the development of the regulatory and digital infrastructure…

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