The word “NFT” inspires excitement from people who enjoy the idea of owning something unique and loathing from those who are still trying to figure out what they are and why they matter. To the second group, Tristan Bishop Pan has a good-natured warning: “You don’t think you’re going to ever own an NFT, but you’re wrong. You, just like every other single person alive, will eventually own an NFT, like it or not.”
Before he can get pelted with toilet paper and food, Tristan Bishop Pan says, “Let me explain. NFTs are going to fundamentally change the way we conduct business. Contracts are going to change, and real estate sales are going to change. All sales are going to change because of NFTs and the blockchain. Here’s how.”
Tristan Bishop Pan asks you to remember the days when you used to use a paper ticket to get on an airplane. “Remember that? Then the paper ticket changed to a QR code. Now, if you have a phone, you don’t get a paper ticket anymore. I cringe whenever I have to print out a paper ticket because it’s such a waste of time. We have it now on our phones – it’s just a QR code.”
That QR code is going to change into something else. “Guess what? It’s going to change to an NFT,” says Tristan Bishop Pan. “Sporting events will be the same thing. When you buy tickets, it’s going to be an NFT or non fungible token. An NFT will be proof that whatever it is that you’re holding is the real thing.”
The benefits of NFTs will extend to fewer instances of hacking so long as quantum computers aren’t used, Tristan Bishop Pan explains. “ QR codes can be hacked; they do it all the time. NFTs are much harder, though. Without quantum computing, NFTs are practically impossible to hack. They are more difficult to hack than anything that we’ve currently got now.”
So, everyone is all going to own an NF T, Tristan Bishop Pan thinks. “But, is it going to be worth anything? Well, let me pose this situation to you: I went to the very last show of Ringling Bros. Barnum & Bailey Circus before they went out of business.”
Tristan Bishop Pan still has the ticket stubs for that show. “I have the brochure and the pamphlets. I still have the little calendar from that last show. Is any of it worth anything today? Not really. In 30, 40, 50 years, will it be worth something? Possibly. I don’t know.”
Now, Tristan Bishop Pan says, what about your airline ticket? “Will you save the NFT that proves you got onto an airplane to fly to St. Louis? Maybe not. But, what if you were sitting beside Justin Bieber? Now, of course, this will be twenty years from now, and he might or might not still be famous. Would you save your NFT then?”
It’s all contingent on something making your NFT valuable. “NFTs aren’t going to remain this mega thing like they are now,” Tristan Bishop Pan believes. “It’s crazy today, isn’t it? People are making millions of dollars off of one NFT, like Jack Dorsey’s first ever tweet. As this progresses and millions of NFTs are made, they will become so common that they will have less value. That value will be based more on how rare that particular NFT is.”
So, Tristan Bishop Pan continues, NFTs will replace QR codes. “Everytime you go to Starbucks, you’re going to pay for it through an NFT card that is tied to your blockchain. Just like right now, you have a Starbucks card that you charge up against – that’s going to become an NFT. Face it – you’re going to own an NFT, my friend.”
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