IMD-OWPLIVE22-PostEvent-Report

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“WE NEED TO DISTINGUISH NFTS FOR BUSINESS MODELS AND NFTS FOR IDIOTS.”

The greatest potential he saw for NFTs was to enable the transactions that drive the metaverse, an immersive virtual world facilitated by use of virtual and augmented reality that is being billed as the next evolution of the internet. “The metaverse is going to be the next big revolution,” Bris said. Already, brands are launching virtual cars, museums, travel and real estate in the metaverse. This

virtual world also enables brands with physical stores to engage their customers in new, immersive ways. “Companies can create a lot of value out of it by increasing customer loyalty,” said Bris.

NFTS FOR BUSINESS MODELS

While Bris sees a good deal of value in asset tokens, he drew a distinction between those with genuine utility and those with no underlying value beyond their uniqueness. “We need to distinguish NFTs for business models and NFTs for idiots,” he said, referring to non-fungible tokens, which are associated with a particular digital “asset”, even a Tweet.

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