American Banker Magazine and Alykhan Sunderji Discuss the future of NFTs and the Banking System
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American Banker Magazine – NFTs and the Future of Banking
On September 15, 2022, American Banker Magazine and Alykhan Sunderji discussed the future of NFTs in light of changing economic conditions.
You can dive deeper into this exciting topic by reading the entire article here.
NFTs are more than collectibles.
Consumers are familiar with NFTs because they have made an impact in the collectibles market. However, the same features that make NFTs useful to collectors are also helpful and drive efficiency in other sectors.
NFTs can replace human manual effort in coordinating massive transactions
Coordinating massive, multi-party, long-running transactions involves significant manual effort. For example, paying royalties to rights owners in the music industry was so complex that Disney simply stopped paying royalties to some creators. NFTs are perfectly suited to automate these payments on the block chain.
We will continue to see investment in this technology because it can drive real world efficiency and cost savings in the product we trade the most – $$.
When a new technology helps companies save money, they are likely to adopt it. NFTs will help automate back office payment functions. Therefore, despite what may happen to the collectibles space, there is significant incentive for adoption of NFTs and the blockchain to increase in financial services.
We see early signs of adoption in broad-based reward programs, exposing customers to them in a very ordinary way
Starbuck and Adidas have both started to use the block chain to support their reward programs. This exposes customers to these technologies – but also the very companies who would benefit from integrating this technology into their payment functions.
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