- Investor Bill Tai thinks wider adoption of NFTs is only a matter of time
- Tai said NFTs are the most efficient way to assign ownership of assets
- Web 3 is the “internet of assets”: Bill Tai
Introduced in 2015, the non-fungible token (NFT) has seen its market swell to $41 million in just six years. Now, legendary investor and venture capitalist Bill Tai says the space will continue to grow and eventually include real estate stocks and corporations.
Tai, Chairman and CEO of iAsiaWorks, shared his bullish prediction for the NFT market at the Crypto Finance Conference in St. Moritz, Switzerland last Wednesday. The venture capitalist believes it is only a matter of time before non-fungible tokens take over a wide range of industries.
“It’s going to happen,” he told CNBC. “It’s a matter of when. You can put land titles on it, real estate, art, anything. It’s the most efficient way over time to assign ownership of n any asset.”
A section of experts have expressed concern that the NFT market is a bubble that will burst. However, Tai is confident that more things will be turned into non-fungible tokens as the world transitions from Web 2 to Web 3.
Explaining his positive view of the NFT space and the Web3 ecosystem, Tai said, “Web 1.0 was read-only. Web 2.0 is read-write. Web 3.0 is the instantiation of a wrapper around of everything that goes in and out of this screen, so it can move. So it’s an internet of assets.
The venture capitalist believes that Web 3 can accommodate a lot of things, including art, land titles and designs. Additionally, he pointed out that anything can come with an address that will allow people to search for it through a marketplace.
He thinks this feature of Web 3 would make it easier to turn equity stocks and real estate into NFTs in the near future.
Tai, who holds an MBA from Harvard, has invested in companies such as Tweetdeck, About.me and Tango.me and also co-founded the nonprofit organization MaiTai Global.