Aptos Labs CEO Says NFTs Will Push Boundaries of Previous Generation Blockchains

Non-fungible tokens (NFT) have the potential to be about extra than simply collectibles, Mohammad Shaikh, co-founder of layer 1 blockchain Aptos Labs, advised CoinDesk TV’s “First Mover” on Friday.

“The best way we take into consideration NFTs is pushing the boundaries of what we’ve seen in earlier technology blockchains,” Shaikh stated. Previously, “you couldn’t actually take them [NFTs] throughout completely different protocols [and] platforms,” he stated.

Earlier this week, Aptos’ token, APT, surged to an all-time excessive, reaching a peak of $16.46, in accordance with CoinDesk knowledge. The token gained 350% in worth for the reason that begin of the yr.

In response to Shaikh, Aptos is primarily banking on its established and incoming customers and builders to drive the platform’s success. That’s regardless of pushback from those that nervous that Aptos’ APT token distribution veered in favor of the platform’s traders and its basis, which acquired practically half of the 1 billion tokens issued in the course of the October mainnet launch.

“We actually pushed the boundaries of what we predict an egalitarian distribution ought to appear like,” Shaikh stated, referring to Aptos’ tokenomics. “For folk like traders, we’ve among the many lowest distribution for any investor throughout any protocol at launch,” he stated.

NFTs, a crypto asset that provides holders the flexibility to show possession of a digital merchandise, ought to have “a possibility to stay in issues like video games [and] social platforms,” Shaikh stated.

Pushing the boundaries of NFT use circumstances may also join communities internationally, in accordance with Shaikh. In 2023, he stated, he expects NFTs to develop into the mainstream by way of large manufacturers and as a type of fee.

“Now you can trade financial worth, you’ll be able to join with creators and you’ll be empowered to do it in a method that not one entity controls that,” Shaikh stated. This yr, issues are prone to change and get “a bit funky.”

Learn extra: Layer 1 Blockchain Aptos Token Reaches All-Time Excessive