In episode 65 of The Hashing It Out podcast, Jana Bertram, Head of Strategy at RARI Foundation, explored the state of non-fungible tokens (NFTs) and their future. Speaking to host Elisha Owusu Akyaw, Bertram acknowledged the decline in NFT trading volumes but argued that the technology remains significant. The Return of the NFT? Bertram explained that the NFT bull market, which brought widespread attention to digital collectibles, is likely to return in a different form.
"The NFT bull cycle already happened," she said. "She added that while the hype has diminished, NFTs are still crucial for empowering creators and enabling innovative use cases, such as real-world asset tokenization."
Key Challenges in the NFT Space
One of the key challenges still plaguing the NFT space, as highlighted by Bertram, is the debate over royalties. Some NFT marketplaces have made royalties optional in recent years, significantly impacting creators’ earnings. Bertram noted this shift has forced the industry to reconsider how to balance creators’ rights with market dynamics.
Scalability and Affordability
The discussion also hit two major touch points in the Web3 space: scalability and affordability. Bertram pointed out that advancements in blockchain infrastructure have made NFT transactions more cost-effective, addressing one of the barriers that previously hindered adoption.
Looking ahead, Bertram envisions NFTs expanding beyond digital art and collectibles with a bigger emphasis on practical applications such as identity verification, ownership records, and even healthcare documentation. However, she noted that public perceptions of NFTs remain a hurdle, with the term often associated with speculative trading and financial losses.
The Future of NFTs
While the market may have cooled, the underlying technology continues to evolve, promising broader applications and more inclusive participation in the years to come. Bertram emphasized that as long as there is value in creating, owning, and using NFTs, the space will remain relevant. She also highlighted the potential for NFTs to revolutionize industries beyond digital collectibles, such as in real estate, art, and even healthcare.
Public Perception of NFTs
Despite declining trading volumes, Bertram acknowledged that public perceptions of NFTs remain a hurdle. Many people still associate NFTs with speculative trading and financial losses, which can deter casual users from engaging with the technology. However, she believes that as more people understand the practical applications of NFTs, their perception will gradually shift to see them as a valuable tool for empowerment and innovation.
Conclusion
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