ConsenSys’ Joe Lubin says enterprises are now embracing NFTs

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Ethereum co-founder and ConsenSys chief Joe Lubin stated that NFTs are starting to arouse the interest of enterprises during a keynote session on the future of Ethereum and Web3 last July 29. He also mentioned that this phenomenon is the start of the ‘paradigm shift towards a new trust foundation’.

‘We’re now moving into a world where we have these non-fungible tokens software objects that have unique identities that can actually accept money, pay money and can participate in governance, either in decentralized autonomous organizations or potentially other kinds of governments that can govern themselves,’ Lubin said in an interview with news site Cointelegraph. 

Lubin also mentioned that NFTs will infiltrate the traditional financial sectors that are ready to shift to a DeFi platform. He further emphasized that media companies are already instigating their own NFT platforms to use for art exhibits. 

According to a report by financial service provider Fidelity Digital Assets, 80% of the surveyed financial institutions have shown interest in digital currencies. Moreover, crypto asset insurance company Evertas has claimed that 90% of institutional investors both in the UK and US are ready to boost their crypto assets in the near future. 

On the other hand, publishers of Vogue and other leading magazines announced that they have partnered with Vidy to launch an NFT platform celebrating fashion, music and design inside a 360-degree virtual reality panorama. 

‘For this new NFT platform, Vidy will lead the technology and blockchain development given our unique experience in dealing with traditional businesses and crypto,’ Vidy’s CEO and co-founder Matthew Lim said.

Moreover, Lubin remarked that the gaming sector is starting to show how NFTs are positively influencing the economy. 

Just recently, Filipino players are earning their share of digital currencies and NFTs by breeding and trading Axies in the play-to-earn blockchain project and Pokemon-like game called Axie Infinity. Lubin noted that the Filipinos who are invested in the game are earning an income five times bigger than the minimum wage. 

However, regulations are still being studied and processed for the non-fungible tokens to reach their final phase of realization. Lubin, on the other hand, expresses his optimism that ‘the enterprise herd is already coming to the Ethereum mainnet’.

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