Goldman Sachs Explores NFTs, Mulls Tokenizing Real-World Assets: Report

Wall Street banking giant Goldman Sachs Group Inc GS is looking into tokenizing real-world assets.

What Happened: According to a report from CoinDesk, Mathew McDermott, global head of digital assets at Goldman Sachs, told attendees of the Financial Times Crypto and Digital Assets Summit on Wednesday that the technology behind tokenization is “actually quite powerful.”

"We are actually exploring NFTs in the context of financial instruments ... So we work on a number of things," said McDermott.

The bank recently announced plans to launch cash-settled OTC Ethereum ETH/USD options trading, in addition to its Bitcoin BTC/USD derivative offerings.

See Also: HOW TO BUY BITCOIN (BTC)

Earlier this year, Goldman said that it sees the metaverse as an $8 trillion opportunity.  

“We look at the digital economy today, which is roughly about 20%, 25% of the global economy … We see the digital economy continuing to grow, and on top of that we see a virtual economy that will grow within and alongside this digital economy,” said an analyst in an episode of Exchanges at Goldman Sachs.

“That’s how we came up with the number for various outcomes of anywhere from $2 trillion to $12 trillion, with $8 trillion at the midpoint of all potential outcomes.”

Price Action: According to data from Benzinga Pro, BTC was trading at $39,400, up 2.71% over 24 hours.

Photo courtesy: Goldman Sachs