More use cases will lay the groundwork for a resurgence
NFT Slows Down
The NFT market has been somewhat dismal since the beginning of this year as sentiment towards the technology has waned and the crypto bear market making growth almost impossible. Though there are still sales of NFTs although most of those sales are done at a much lower price than before.
It would seem that the technology is on its way out but that couldn’t be further from the truth. NFTs can definitely make a comeback, but it depends on how the technology is used in the future.
As usual the future of the technology is solely dependent upon the use methods and how they can benefit holders. One founder- Katie Haun of Haun Ventures, a web3- focused Venture Capital firm, believes that NFTs will make a comeback which will be inspired by the shift to the digital world.
Digital use
The metaverse is here and as new projects and ideas come to light due to the new emerging technology NFTs will indeed be a part of that growth. Haun is the CEO of a $1.5 billion dollar VC firm and she believes in the technology. In a statement to Finbold she showcased her thoughts on how NFTs can make a sort of “rebirth” and come back stronger than before.
“We are going to increasingly live in a digital world. And I happen to think that if you live in a digital world, you’re going to want to own digital goods in that world. You’re not just gonna be satisfied to rent them, which is what we do now.You don’t really own anything. You’re subject to the whims of a platform. And I think NFTs and digitally scarce goods fundamentally change that. I think you’ll see NFTs back again,”
Scams and schemes
NFTs have been thought of by many as either scams,ponzi schemes, or get rich quick methods but not many have been able to showcase the exact positive use for the tech. Companies such as Nike have seen great success with their use of NFTs showcasing how the technology can be used positively for both the company and the investor.
The athletics company has acquired RTFKT and since them has had multiple digital shoe drops that have been successful, some even coupled with real-life drops of merchandise.
Utility
No matter the thought at the moment NFTs are part of web3 and with the proper use of the technology they could very well turn out to be as valuable an asset as they were intended, the future just depends on the way they are used.
But what would constitute a good utility? What can be utilized that would provide a real value to those that hold it, how can the technology avoid the dreaded eye of the SEC? There are many things that need to be considered before making a project as the artwork is only a piece of the puzzle.
Recently Gary Vaynerchuk has turned his VeeFriends into a successful toy line but this was after the original “ugly” version of his collection was sold out. The collection gave his users the ability to join in on The VeeCon Conference and into the community as a whole thus benefiting from the initial investment.
The best type of utility would need to be one that focuses on a general need or use for the community in question. A utility that brings value to the holder in respect to their interests and not just a profile picture.
NFTs can definitely make a comeback, the question is not if but only when.
