William Quigley, co-founder of WAX and Tether, discusses the future of NFTs in an exclusive interview with Selva Ozelli for crypto.news. WAX.io, the number one web3 gaming platform, stands out for its eco-friendly, carbon-neutral blockchain, managing over 23 million transactions daily.
Despite a report by dappGambl showing 95% of NFTs are nearly worthless, Quigley remains optimistic about their future, with the market projected to grow to $217.07 billion by 2032. He emphasizes the rise of utility NFTs, collectible NFTs, and web3 gaming NFTs.
Art NFTs have disrupted the traditional art market, and major players like Christie’s see them as a new category of contemporary art. The IRS’s draft 1099-DA form indicates forthcoming tax regulations for NFTs.
The SEC’s recent actions against NFT projects highlight the importance of regulatory compliance. Ethereum’s potential classification as a security could impact the NFT market, but this remains a developing issue.
Strategically, the advancements and regulations in the NFT space signal significant long-term growth and transformation.
