Transitioning from static digital collectibles to tokens with real utility will lead to a new generation of NFTs according to Tytan Inc the COO of NFTY labs, a platform focused on building products for the NFT space.
In a recent interview with Cointelegraph, he said that even if the market is saturated, there is still room for startups to raise funds in the NFT ecosphere.
“Most VCs are kind of catching on to the fact that a lot of the real value is in how you can use an NFT and not so much about what it looks like.”, he pointed out.
Titan Inc. is particularly interested in NFTs as a method of authentication for accessing large databases, which they believe would solve the privacy and security issues inherent in traditional access systems based on passwords and user names.
“You replace that with a hardware wallet with the nontransferable NFT on it. And now that is your method of authentication.”
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