Aptos Labs CEO Says NFTs Will Push Boundaries of Earlier Era 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 way in which we take into consideration NFTs is pushing the boundaries of what we’ve seen in earlier technology blockchains,” Shaikh mentioned. Previously, “you couldn’t actually take them [NFTs] throughout completely different protocols [and] platforms,” he mentioned.

Earlier this week, Aptos’ token, APT, surged to an all-time excessive, reaching a peak of $16.46, in line with CoinDesk information. The token gained 350% in worth because the begin of the 12 months.

In accordance with 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 who nervous 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 throughout the October mainnet launch.

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

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

Pushing the boundaries of NFT use circumstances also can join communities the world over, in line with Shaikh. In 2023, he mentioned, he expects NFTs to broaden into the mainstream through huge manufacturers and as a type of cost.

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

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