Former Goldman Sachs CEO Raoul Pal says the potential of one crypto sector is massively underestimated by everyone.
In a long tweet the thiefPal tells his 984,000 followers that non-volatile tokens (NFTs) can reshape almost every aspect of society’s infrastructure.
The founder of Real Vision says that currently, many people think that NFTs are mainly related to cultural goals, such as art, society or brands. However, Pal says this is just the tip of the iceberg.
“While cultural representation is almost limitless and just beginning, many miss the bigger picture…
ALL contracts will be marked as NFT because they are more efficient, cheaper, faster and more secure.
ALL: ID, tickets, reservations (hotel, airport, train, restaurant etc.), all insurance contracts, internet permits, hotel keys, car documents, real estate, certificates…
advertising, supply chain contracts, inventory management, business transactions, driver’s licenses, medical records, work history, references, etc etc…but it gets even bigger…”
The macro expert says that the entire financial industry – worth quadrillion dollars – may eventually have to adapt to NFT and blockchain technology.
“The whole financial industry revolves around contracts with a real level of BAST – too big for the old City of London ‘My Word is My Bond’ system to work and two-way, audited ledger/transactions….
There is between $650 trillion and $4 QUADRILLION in debt, $250 trillion in equities, the same in bonds, etc. These are all types of non-transferable contracts (some are large and some are one-of-a-kind like a retail store. Maybe)..
All asset management and funds will also be tokenized. It is much faster, accessible, transparent and efficient.
And the ‘intelligent’ element of NFTs means that enforcement or dispute resolution is automatic, cheaper and faster than ‘warehousing’.”
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Featured Image: Shutterstock / Vadim Sadovski / Angela Ksen
