NFT market slump shows it’s maturing toward ‘genuine utility,’ execs argue

The recent slump in the NFT (Non-Fungible Token) market and the perspective of Web3 executives on this situation.

Maturing Technology: Yemel Jardi, the executive director of the Decentraland Foundation, believes that the recent decline in NFT prices should not be seen as a sign of distress but rather as a signal that the NFT technology is maturing. He suggests that as people become more educated about NFTs, the focus will shift from speculative trading to genuine utility.

Market Adjustment: Jardi emphasizes that market cycles are natural, and it's common for there to be periods of adjustment in any market. He attributes the declining floor prices of NFTs to speculative trading and argues that the value of NFTs should be based on their utility.

Anti-NFT Sentiment: Anjali Young, co-founder of Collab.Land, acknowledges that there is some anti-NFT sentiment in the market, which is not surprising for any innovation, especially one with financial and cultural significance. She suggests that the removal of mandated royalty fees on platforms like OpenSea in late August may have contributed to this sentiment.

NFTs' Future: Despite the recent challenges, Young believes that NFTs are here to stay. She anticipates that NFTs will see increased use in loyalty programs, rewards, advertising, and as a means of proving authenticity in the coming months.

The executives argue that the NFT market is maturing and evolving toward a focus on genuine utility rather than just speculative trading, and they expect NFTs to have a lasting impact on various industries.

#Web3.0 #NFT #Blockchain #Crypto #Cryptocurrency #AI #Metaverse #OpenSea #AR