William Quigley, co-founder of stable coin Tether, believes that non-fungible tokens (NFTs) could become ubiquitous within a decade.
Despite mostly being known for their capacity as works of art, Quigley believes that NFTs will also add value to everyday items. Essentially digital certificates of authenticity powered by blockchain technology, NFTs could also serve this purpose for retail goods.
They may also serve as equivalents on online platforms. “All consumer products, that can’t be eaten, in the next 10 years will have digital twins. They will have NFTs,” Quigley said.
Although Quigley expects these developments in the next few years, some industries are already diving in and innovating. For example, the fashion industry is learning to use NFTs for authentication as well as digital equivalents.
Fashion brands LVMH, Richemont’s Cartier, and Prada SpA partnered to offer the Aura Blockchain. The solution provides customers greater assurance that their products are authentic by providing an encrypted certificate of guarantee. It also makes the products more traceable, facilitating the resale of luxury goods on the secondary market.
While other major labels such as Gucci are still mulling over how to approach NFTs, other smaller brands are taking more experimental approaches. For instance, Sydney-based Neuno “wants to be the universal 3D wardrobe that plugs into everything.” Once a customer buys a dress, they can “wear” it across different platforms.
Another smaller brand, Clothia, is offering physical “twins” of purchased NFTs. Winning bidders will receive bespoke real-life dresses corresponding to their purchased NFT.
Meanwhile, the capacity to utilize these NFTs on an interactive plane is also developing. Star Atlas metaverse, a next-gen gaming world that runs on Solana, recently launched augmented reality (AR) NFTs. These act as digital collectibles, while enabling the ability to visualize digital objects in the surrounding environment. This could suit those hoping to show off their digital paraphernalia.