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, instructed 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 era blockchains,” Shaikh stated. Previously, “you couldn’t actually take them [NFTs] throughout totally 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 line with CoinDesk knowledge. The token gained 350% in worth because the begin of the 12 months.

Based on 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 anxious that Aptos’ APT token distribution veered in favor of the platform’s traders and its basis, which obtained practically half of the 1 billion tokens issued through the October mainnet launch.

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

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

Pushing the boundaries of NFT use instances can even join communities the world over, in line with Shaikh. In 2023, he stated, he expects NFTs to increase into the mainstream by way of huge manufacturers and as a type of cost.

“Now you can trade financial worth, you possibly can join with creators and you’ll be empowered to do it in a method that not one entity controls that,” Shaikh stated. This 12 months, issues are more likely to change and get “a bit funky.”

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