NFT 2.0: The next generation NFT will be streamlined and reliable

NFT 2.0: The next generation NFT will be streamlined and reliable – Mail Bonus

Nonfungible tokens (NFTs) have been in the headlines in recent years. Although a large part of the population has tried to understand why NFTs exist, demand has increased, institutions have been built and the language has entered our common consciousness.

However, there is an elephant in the room: NFT is difficult to use and the majority of them are digital snake oil. But these problems create opportunities to provide answers. The bioavailability and legitimacy of NFTs are both mature for change. As financing flows into the space, the market begins to develop and this change increases. We are entering a new era of NFTs – NFT 2.0 – where technology will be more easily accessible to the public stream and the underlying value propositions of NFTs will be more transparent and reliable.

Consider raising NFTs

In its short existence, NFT devices have exploded into the crypto platform and reached over $ 17 billion in trading volume by 2021. This figure is expected to rise to $ 147 billion by 2026. Even more impressive is the fact that this amount is owned by fewer but 400,000 owners, which is a whole $ 47,000 transaction volume per user.

Along with the great rise of the industry, the NFTs themselves have undergone tremendous changes from the beginning. For example, CryptoPunks, which was hit free in 2017, rose to a blue chip position, peaking at $ 11.8 million in sales at Sotheby’s last year. A few years later, Larva Labs, the company responsible for creating Punks, was bought by Bored Ape Yacht Club’s parent company, Yuga Labs, for an unspecified amount.

Development of NFTs

Early dismissed as fashionable, NFTs have shown tremendous perseverance, attracted the attention of major celebrities and brands and even appeared in Super Bowl commercials. Companies such as Budweiser, McDonald’s and Adidas have released their own collections while Nike has entered the space by acquiring RTFKT Studios.

Connected: Why are the major international brands experimenting with NFTs in metaverse?

Although organizations determine their NFT policy, the overall space has reflected the last decades of technological innovation, just below the significant speed timeline. Although the iPhone has taken about 10 years to reach its current version, NFT devices have moved from 8-bit pixelated images and Pong-like blockchain games to high-security 3D animations and complex game-to-earn game mechanics with a great multiplayer experience in just one time. par ár.

While the real NFTs are evolving, the ecosystem of pick-and-shovel solutions is also evolving rapidly. The onslaught of NFT platforms and tools has significantly reduced barriers to entry, which has created deep saturation in the market. As of March 2022, there were more NFTs than were public websiteswhich creates a significant amount of noise that many have found difficult to cut through.

The strength of the asset class and the enormous amount of business have changed the way authors approach the space. Many people have rushed to their Web3 policy or treated their fans as a source of liquidity, leaving a mess of mistakes, draws and abandoned projects. Simply put, most companies and authors are not ready to go to Web3, and they need more manual and white-collar services than they do tools.

Just like email

In the end, NFTs seem to be heading in the same direction as email. It was a time in the nineties when companies had to hire experts to code emails for them. The first adopters set up lucrative organizations that could serve Fortune 500 companies and implement early digital methods. The information gap provided these institutions with enormous leverage until technological advances (and education) made it easier for brands to do it themselves.

Connected: We have not even begun to take advantage of the potential of NFTs

Similarly, we are now in a time where brands are looking for professionals to educate them and prepare them for Web3’s future, and it’s only a matter of time before they completely split up and fully manage Web3’s policies internally. Signing up for NFT and encryption as a whole, is a rather complicated process that many people simply cannot handle. Some companies, however, are finding ways to reduce the more difficult aspects of cryptocurrency and create ways for deeper communication with their fans.

Built for mainstream: NFT 2.0

The current iteration of NFTs is not designed for general consumption. The entrance system is not smooth for consumers; the flicker is detrimental to true fans; and it distorts the relationship between artist and fan. There is too much discrepancy between the NFT sticker price and the value it can provide to consumers and many museums see a rough demand shock as they fail to execute on their road maps.

The core NFT buyer is getting smarter in rugs and scams, which means they are less likely to open up new collections. And while it’s easy to watch declining numbers and see death sentences, the reality is that NFT devices need a considerable amount of washing to knock out those who want to get rich quickly and encourage true builders in space better. As the steam equipment dries out during the bear cycle, sensitive companies that can withstand the storm when switching from Web2 to Web3 will prosper. Agencies and venues, if timed incorrectly, will be wiped out, but those prepared for email change will maximize projects with high margins and high contact while achieving long-term revenue streams.

This has an important impact whether you are building in the space, a potential user or an investor. This space is going to grow fast and evolve fast. Do not blink or you may miss it.

This article was co-authored by Mark Peter Davis and Sterling Campbell.

This article does not include investment advice or advice. Every investment and business involves risk and readers should do their own research when making a decision.

The views, thoughts and opinions expressed herein are the sole responsibility of the authors and do not necessarily reflect or represent the views and opinions of the Cointelegraph.

Mark Peter Davis is a venture capitalist, serial entrepreneur, writer and community planner. He is the CEO of Interplay, a New York City based venture capital firm. He is also an active podcaster, author Fundraising Rules and founder of both the Columbia Venture Community and the Duke Venture Community.

Sterling Campbell is the CEO of Minotaur, a Web3 company that serves top authors and brands as they develop NFT projects, distributed independent organizations and icons. He has spent most of his career concentrating on consumer-oriented technologies for Blockchain Capital, Lerer Hippeau, Grishin Robotics and William Morris Endeavor, where he also developed talent. Sterling holds a bachelor’s degree in music and business administration from the University of Southern California and a master’s degree in business administration from Columbia Business School.