WEF 2022: NFT custody is ‘the missing piece’ for mainstream adoption, says Veritic CEO

Veritic CEO argued that providing a simpler way to own NFTs can boost the mainstream adoption of the technology.

On day four of the World Economic Forum 2022, presentations on nonfungible tokens (NFTs) have taken place with speakers sharing their takes on NFT use cases and adoption.

At the Blockchain Hub Davos, speakers Veritic CEO Stephan Holzer and Seal Storage Technology CEO Alex Altman spoke on the importance of NFTs, their role in society, and how the community can attract the mainstream into using the technology.

In his lecture, Holzer argued that simplifying access to NFTs may push mainstream adoption forward. According to the Veritic CEO, minting in more secure environments and NFT custody is “a missing piece to mainstream adoption.” He explained that:

“We want to enable the next billion and this needs NFT custody. And I personally believe that NFTS can potentially have the potential can potentially be bigger than cryptocurrency itself.”

Holzer noted that providing first-time users with a more familiar interface and custody services where users do not need to set up their own wallets could be a “game-changer” for the entire market.

Apart from Holzer, Alex Altman, the CEO of Seal Storage Technology weighed in on NFT use cases in his talk. He gave various examples of how NFTs can improve the current state of affairs in real estate and gaming. He said that:

“There’s absolutely no reason that a deed to a house couldn’t be a unique digital asset as long as that asset is created and stored in the correct way. Given the fact that an NFT is purely unique, that asset can also be transferred really easily.”

Altman also pointed out that many are spending hundreds of hours playing games and developing characters within their games, and it ends with the player just leaving the game, and afterward, all the assets acquired “disappear into the ether.” With NFTs, Altman said that people can “develop that asset and create it into a real-world piece of data that you can move, transfer and monetize.”

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