According to Tytan Inc, the COO at NFTY Labs, a platform that builds products for NFT space, the transition from static digital collectibles will result in tokens with real utility.
He stated that even though the market is saturated there are still opportunities for startups to raise money in the NFT ecosystem.
He said that most VCs have started to realize that the true value of NFTs is in their use and not what they look like.
Titan Inc. is especially interested in NFTs for authentication to access large databases. They believe this would resolve the privacy and security concerns inherent in traditional access systems that are based on user names and passwords.
"You can replace it with a hardware wallet that has the nontransferable FFT on it. Now that's your method of authentication.