For all the buzz around NFTs, much of the general public still doesn’t quite understand what they are or how they work. But they’re poised to become key aspects of a wide range of industries, from entertainment to law. A panel of NFT experts joined Roundtable to discuss innovations in the space and what they’re looking forward to.
In this segment, the panel discusses NFT applications across industries.
Joel Comm points out that the entertainment industry’s ongoing exploration of NFTs is likely to introduce much of the broader public to the blockchain.
“Play to earn gaming is going to use NFTs to bring in the masses. The, the entertainment option is gonna be the easiest gateway,” he said. Once NFTs become more common in entertainment, he expects, people will start to take the technology for granted. “Right now we're explaining what blockchain is to people. We're not going to explain blockchain to people in the future anymore than you're going to explain how that little chip on your credit card works.”
Joshua Kriger agrees that the entertainment industry is key to mass blockchain adoption, and he sees the music industry already pushing innovation.
“The use cases there are very natural,” he said. “You have different types of releases. You have the in-real-life component, you have fan experiences and you have royalties.”
Kriger notes that the current crisis of profit models in music means the space is particularly poised for blockchain experimentation. “There's definitely some in interesting models coming out that have the intent behind it to support artists in a long term manner,” he said. “Music is definitely ripe for disruption, and the whole industry knows it.”
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Watch the full discussion below:
Joel Comm, Co-host, The Bad Crypto Podcast
Major Dream Williams, Co-Founder, Lux.DAO
Jillian Godsil, Founder & Editor-In-Chief, BlockLeaders