CZ, Binance CEO: NFTs carry a number of strong utilities
Changpeng “CZ” Zhao is the founder and CEO of Binance, the world’s largest crypto exchange. Well-known within the industry, Zhao started to say something about NFT and the chance.
It’s no secret that NFTs carry a number of strong utilities.
— Binance (@binance) December 20, 2022
CZ talk about NFT and the chance
According to Binance, CZ breakdown one of the critical benefits of NFT ticketing in the music industry.
“Singers sell concert tickets at $150, and then that resells like three times through the scalpers, and then it sells for like $600, $3,000, and guess what? The artist gets $150. when we spoke to them, they said this is like a, I forgot the real number, this is like a $10 – 20 billion industry, and for this artist alone, some artists are very willing to change this. The artist will only sell their tickets through NFTs. You can engineer the NFT so that the artist gets a royalty however many percent each time it’s resold, especially if each time it’s resold at a higher price. Hence, the artist still gets a percentage of the last sale, and this is a multi-billion dollar industry. And the artist wants to do this”, CZ stated.
Indeed, NFT is a billion-dollar industry, but it is still not fully exploited. Indeed, NFT is a billion-dollar industry, but it is not fully exploited yet. NFT asserts ownership of an item in the digitized market, and the owner can exchange and sell the item’s copyright at will. However, NFT is also at risk of being attacked by bad guys to change the ownership of the work and use it for profit. The year 2022 saw many shocking hacks and scams related to NFT. Many artists and collectors have “headaches” looking for ways to keep digital artworks that only exist online and cannot be held in hand.
“Again, we don’t have an application for it today. We haven’t made it work yet. It’s conceivable. There are many, many, many other NFT use cases”, he concluded.
Former US President Donald Trump recently released a collection of 45,000 NFTs entitled Trump Digital Trading Cards. This collection features images of the president in a similar style to baseball cards. The tokens, minted on Polygon, cost $99 and can be purchased with ETH or fiat. If he sold all the cards, he would collect $4,455,000. And surprisingly, according to data from OpenSea, all 45,000 NFTs owned by former US president Donald Trump sold out in a few hours and raised 865 ETH or about $1 million in trading volume.
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