Did you hear about that $69 million NFT sale on Christie’s? Well, we just dove right into NFTs! NFTs or non-fungible tokens are unique digital items that are not interchangeable. We are beginning to see the rise and value of NFTs take off, mostly in the creative industries, where we see digital art, music and other creative work being bought and sold as NFTs. In this episode we explore the state of play of the NFT world and how they have taken the world by storm this past year. Our guest, Ryan goes on to discuss the origins and beginnings of NFTs and the creative industries, namely creators and artists in Hollywood, his former hometown.

We continue discussing the potential and opportunity NFTs hold for creators that have been traditionally left out of the spotlight and off the stage. Ryan describes how new and young creators can take work into their own hands and start making a living for themselves without necessarily needing to answer to the current “gatekeepers” of the creative industry.

Ryan shares the work they are doing at Crucible and his vision for the platform and how it will contribute to a larger paradigm shift of what he calls an Open Metaverse. We also touch on the future of NFTs and how the world will look in a decade’s time because of this new technology.

We want to give a special shoutout to our sponsor Blockfinex.

Special Guests: Ryan Gill

Special Guest: Ryan Gill.

In this episode, a couple of interesting topics are discussed:

• Cryptocurrency becoming mainstream
• The concept of decentralization
• ICO failures and the next step
• UAE SCA recognizing crypto as securities

Ahmed starts off with the first topic of cryptocurrencies being mainstream within 10 years according to research. The evolution of money and the 3 characteristics are explored along with where cryptocurrencies stand. The timeline of 10 years is also challenged in terms of how technology and humans will work together. Some existing platforms are explored and the hosts discuss what roles they play in helping cryptocurrencies become more mainstream.

Faisal explains the concept of decentralization and its importance is discussed. They also explore the required balance and the effect of decentralization on efficiency.

The next topic discussed is the failure rate of ICOs being almost 50% last year! Amin explains what he believes should be done with ICOs and how it compares to other domains. The role of regulation and its impact on the entire journey is also explored.

Lastly, the news of the UAE SCA officially recognizing digital assets as securities is evaluated from the point of view of the guest and hosts.

All of the above and more will be on this week’s episode of Encrypted!

If you liked what you heard, please do leave us a review on iTunes and the other platforms. Don’t forget to support us by spreading the word and do not forget to subscribe!

Sources:
Cryptocurrencies Will Become Mainstream in 10 Years, Says eToro and Imperial College Research

The Long Game in Crypto: Why Decentralization Matters

46% of Last Year’s ICOs Have Failed Already

Emirates SCA is looking to label cryptocurrencies as security (in Arabic only)

Special Guest: Amin El-Kholy.