American investor Cathie Wood, founder and CEO of investment management firm Ark Invest, believes that NFTs will become huge opportunities.
Wood made the remarks during an interview on CNBC's Squawk Box, where he shared his views on technological advances in the industry. blockchain, including its main applications and use cases: NFTs and DeFi.
In his view, these crypto sectors are supporting the emergence of Web 3 and, in the case of NFTs, giving rise to a new model for artists and creators.
According to Wood, NFTs will receive a significant boost in the future, thanks to the fact that they help artists represent their intellectual property rights over works in a unique and immutable way.
Citing his experience in finance, Wood said intellectual property rights are key “when it comes to lifting people out of poverty.”
Although he says the revolution awaiting these digital assets is still in its infancy, he noted that “digital property rights, which is what NFTs represent, are going to be incredibly important” in the future.
NFT and intellectual property rights
With the emergence of NFTs, artists and creators have found new ways to preserve their copyrights, even if there are numerous copies of their works on the Internet.
In April of last year, 21-year-old Zoe Roth claimed that she had regained control over her famous “Disaster Girl” meme thanks to NFTs and blockchain technology.
After nearly two decades of circulating freely on the Internet, Roth auctioned off his meme for more than 180 ethers, worth about $430.000 at the time of the auction.
En statements to the American newspaper News observerRoth said that for the first time she felt like she had regained control over the photograph that was taken of her when she was just 4 years old.
Wood believes that this utility of NFTs in representing intellectual property rights is what ensures their long-term value.
“DeFi has taken off,” says Wood
As for DeFi, the investment expert noted how this ecosystem has taken off and become a robust system over the past two years. In fact, she indicated that she is impressed by how robust decentralized finance has been, amid the current state of the market.
«We believe that the revolution around Crypto is underway and will not stop», said the American investment expert.
Digital wallets: “Bank branches in our pockets”
During his CNBC interview, Wood also talked about the importance of digital wallets. He called them “Bank branches in our pockets” because they allow users to store and manage their own digital assets.
Digital wallets are one of the most important outcomes of the blockchain industry, Wood said, as these apps allow owners to easily manage their cryptocurrencies, tokens and NFTs from anywhere.
Cathie Wood has been a vocal advocate of cryptocurrencies and the blockchain industry over the past few years.
Main image from CNBC
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