Brad Garlinghouse says the NFT market is still undervalued

NFT PNG

The nonfungible token (NFT) market, according to Ripple CEO Brad Garlinghouse, is still underrepresented. 

In a new interview, Garlinghouse says that NFTs have the potential to “unlock a lot of value” in the $250 trillion global asset market.

“The widespread use of NFTs has resulted in their popularity increasing within the cryptocurrency and investment industries.” He states

However, he cautions that the current NFT market is still in its early stages and cautioned against over-hyping the technology.

Garlinghouse notes in a recent interview that he has been interested in cryptocurrencies since before they were “even cool.”

He went on to explain the cryptocurrency market in general, pointing out that over the last few years. Cryptocurrencies have gained more attention. Garlinghouse states:

“As leaders across the world learn how these technologies can actually benefit their constituents, benefit their economies, they’re going to use them. […] I think we’re seeing that happen every day.”

Ripple’s CEO also discusses NFTs and their increasing relevance in the digital world. He remarks, “The most significant thing about them is that they’re a new kind of asset class.”

“I think the NFT market is still undervalued. I think it’s still early days.”

“NFTs are underhyped, even though there’s a lot of hype in parts of the NFT market. The tokenization of various assets is underhyped.”

There are currently thousands of blockchains globally and Garlinghouse said it is beneficial to the market. He says;

“I don’t think we’re living in a single-chain world. It’s a multi-chain world, there’re going to be a lot of different utility use cases.”

“Having a thousand different blockchains is actually a good thing.”

“In the world of payments, you have SWIFT which sort of sits at the center of the global banking system. Ripple is doing something similar but for blockchain.”

Garlinghouse believes that NFTs will play a big role in the future of the internet. And that they are just beginning to be understood. He ends by saying;

“I think we’re going to see more and more use cases for NFTs.”

Garlinghouse made his comments during an interview with Bloomberg TV. When asked about the current craze around NFTs, Garlinghouse said that he thinks the market is still in its early stages. And that there is a lot of growth potential.

He went on to say that Ripple is committed to the enterprise market, whereas other blockchain organizations are focusing on consumer applications.

Ripple has been involved in a legal battle with the United States Securities and Exchange Commission (SEC) for approximately 18 months.

The company is accused of selling unregistered securities in the form of its XRP token. Ripple denies these claims and is fighting the SEC in court.

Garlinghouse previously revealed that Ripple could list on the stock exchange once the saga with the United States SEC is over. Its XRP token is currently the seventh-largest cryptocurrency by market cap.

Summary

Ripple CEO Brad Garlinghouse states in a recent interview that he believes the NFT market is still undervalued. He believes that there is a lot of potential for NFTs to be used in different ways. And that we are only just beginning to understand their utility.

Garlinghouse also spoke about Ripple’s focus on enterprise use cases, saying that they will continue to focus on this. While other cryptocurrency foundations are looking at consumer use cases.

NFTs are currently one of the hottest trends in the crypto space. Numerous celebrities and high-profile individuals have jumped on the NFT bandwagon in recent months, helping to drive mainstream adoption of the technology.