NFTs have had a hard time since the beginning of 2022. Sentiment towards the technology has seen a sharp decline as many have deemed the technology to be a huge marketing ploy, ponzi scheme, or just an outright scam.
During a Panel on Tuesday entitled “Future of NFTs” at SALT New York, speakers gave multiple thoughts and outlooks on the technology, some of the outlooks were bleak while others were hopeful post Ethereum merge.
The panel was full of major players as TIME president Keith Grossman, Pplpleasr aka Emily Yang, Nadia Tolokonnikova of Pussy Riot and UnicornDAO,John Caldwell of Wave Financial and UnicornDAO, and Andrew Yang-writer and NFT trader,all joined in the session and spoke on the future of the technology. The panel was moderated by founder of 8Commas Rembrandt Flores.
Caldwell was skeptical of the merge having any positive effect on the NFT market. He also expressed his opinion against the thought that Ethereum being more green pushing forward NFTs as he stated that ESG, or environmental, social, and corporate governance, is simple a talking point as only artists and creators seem to be the real champions of the environment.
Wang also made a comment on the environmental factor of NFTs
“I hate that this might make me look bad, but the fun I had with NFTs and the people I was meeting always made the environmental costs a kind of afterthought,”
Each panelist spoke on their thought of the environmental impact and how some of their decisions to work with NFT saw them receive anger and disdain. Tolokonnikova stated a lot of people hated her for messing with the technology as she hopes being able to be more green will make less people dislike her.
The bear market has been here since late January of this year and while the market continues in this trend there is the potential for a large number of people to give up on the technology completely. There was a time in 2018 and 2019 that people had given up on crypto and the idea that they may move on to NFT is definitely there.
The sentiment of the entire panel was thaat the NFT boom of 2021 and very early 2022 was dead and gone.
“I no longer believe in WAGMI, unfortunately “ stated WANG
The panel then discussed shying away from the terminology of the technology , no longer stating it as NFT but as a new brand. Starbucks has begun its system called Starbucks Odyssey which does not explicitly call the assets NFTs.
All of this does not mean the technology is dead, instead it may be time for a rest and reset, a chance for the technology to resurge bigger and better. Perhaps the change is one that will see you using NFTs without knowing explicitly what they are.