William Quigley, a co-founder of the stablecoin Tether and a forerunner in the cryptocurrency field, views the metaverse as a massive economic juggernaut that will dramatically alter lives of millions of people in the years ahead. Quigley is a co-founder of WAX, a carbon-neutral proof-of-stake blockchain that focuses on non-fungible tokens (NFTs) and computer games.
As blockchain technology advances, the metaverse, a concept of an internet-enabled digital world in which individuals have personas and engage with crypto assets and even physical things via virtual reality, is quickly evolving. In an interview with Bloomberg News on Thursday, Quigley discussed NFTs, the metaverse, and other topics. The following responses have been modified for space and flow.
What do you think of the growth in NFTs?
The price of Ethereum, which was less than $100 in March 2020, drives the entire market. It is now $3,500. It’s as if everyone just received their yearly pay, it’s in their pocket, and they’ve just landed in Vegas. They’re likely to squander part of their cash. And don’t be duped. This is not a widespread occurrence.
I doubt that many conventional art purchasers have forsaken the Rembrandt in favor of the Crypto Punk. I believe it is mainly crypto-rich. What interests me as a consumer product is not a single NFT selling for $1 million, but a million NFTs being sold for $1 apiece. A brand-new virtual collectibles business. That appears to have better range and a larger market in general.
How about the metaverse?
When we can have a digital stack of our world, it will result in a huge shift in business strategies, as well as a huge shift in how we interact with one other and the planet. When it occurs, it is difficult to fathom and difficult to exaggerate the magnitude of the effect. I believe that NFTs will be the metaverse’s primary income source. In video games, the income model is now virtual goods, which generates $175 billion yearly revenue. I believe the metaverse should be orders of magnitude greater since it encompasses just about anything, not just games.
Some top altcoins have soared recently. Any thoughts on that?
So stuff has been simmering for a long. Then, for motives I’ll never understand, attention shifts to it, and immediately, people pour in. This is the hypothetical element of the situation. This is something I’ve been doing for a long period of time. Fundamental analysis on any of this is very difficult – since there is no actual rationale. It gets ingrained in the mindset. And since people are enthusiastic about it, it rises.
