NFTs will push limits of earlier generation blockchains, according to Aptos Labs CEO

According to Mohammad Shaikh, co-founder of layer 1 blockchain Aptos Labs, non-fungible tokens (NFT) have the potential to be more than just collectibles. He made this statement on Friday on CoinDesk TV’s “First Mover” segment.

The way we think about NFTs is stretching the limits of what we’ve seen in blockchains from earlier generations, according to Shaikh. He claimed that in the past “you really couldn’t take them [NFTs] across multiple protocols [and] platforms.”

According to data from CoinDesk, Aptos’ token, APT, rose to a record high earlier this week, peaking at $16.46. The token’s value has increased by 350% from the beginning of the year.

According to Shaikh, Aptos is relying heavily on its current and future users, as well as its developers, to propel the platform’s growth. That’s in spite of criticism from some who feared that Aptos’ distribution of APT tokens erred in favour of the platform’s investors and foundation, which received over half of the 1 billion tokens distributed at the October mainnet launch.

Shaikh said of Aptos’ tokenomics, “We really pushed the bounds of what we think an equal distribution should look like. We have among the lowest distribution for any investor across any protocol at launch, for people like investors, he claimed.

According to Shaikh, NFTs, a cryptocurrency asset that enables owners to demonstrate their possession of a digital good, should have “an possibility to live in things like games [and] social platforms.”

According to Shaikh, expanding the potential of NFT use cases can help bind together global communities. He predicted that NFTs will become more widely accepted in 2023 through the use of well-known brands and as a method of payment.

You may now interact with artists, trade economic value, and be enabled to do so independently of any one entity, according to Shaikh. Things are probably going to alter and get “a little crazy” this year.