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Saturday, January 28, 2023

Brad Garlinghouse says NFTs ‘underhyped,’ sees new use cases | Cointelegraph interview

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Ripple (XRP) has introduced a $100 million funding within the carbon buying and selling phase, CEO Brad Garlinghouse informed Cointelegraph’s Joseph Hall in an interview on the sidelines of the World Economic Forum (WEF) Annual Meeting, which concluded on Thursday. 

Garlinghouse famous the rising profile of cryptocurrency on the worldwide summit, evaluating his experiences over the past a number of years. “As leaders across the world learn how these technologies can actually benefit their constituents, benefit their economies, they’re going to use them. […] I think we’re seeing that happen every day,” Garlinghouse mentioned.

He went on to say that nonfungible tokens (NFTs) are “underhyped, in spite of the fact that there’s obviously a lot of hype in parts of the NFT market.” Specifically:

“The tokenization of various assets is underhyped.”

Garlinghouse cited carbon credit score buying and selling, which is usually “challenged” by fraudulent exercise, as a use case for tokenization on account of its transparency and traceability. “It could really revolutionize carbon credit marketplaces, the efficacy of carbon credit marketplaces,” Garlinghouse mentioned. Ripple is investing $100 million within the phase, he added.

Related: WEF 2022: Trust and clarity are missing in discussions of carbon emissions and crypto

Cryptocurrency may have some actual use cases in 2022, Garlinghouse continued. Cross-border transactions are one such instance that Ripple is engaged on. Currently, cross-border transactions are “usually quite slow, quite expensive and frankly very error-prone,” whereas the XRP chain has been “a very efficient, low-cost bridge,” he mentioned.

“I don’t think we’re living in a single-chain world,” Garlinghouse mentioned. “It’s a multi-chain world, there’re going to be a lot of different utility use cases.” Ripple will proceed to concentrate on enterprise, however different cryptocurrency foundations are customers use cases as effectively, he defined.

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