Future of NFTs

I’ve had a lot of discussions with friends and colleagues about NFTs and the drop in value. Lots of mainstream media seems to be picking up a lot of the failed projects primarily around celebrity projects failing to live up to expectations.

As someone who has participated in a few NFT projects and spent a decent amount of money in the space, I truly believe that this will be good for the ecosystem in the long run. There were way to o many get rich schemes more akin to pump and dumps than real businesses and projects. The vast majority of people that bought NFTs over the last year were in it for the quick profit. I know as I have a lot of friends who were in that boat.

Over the long run, I do see value in NFTs. In the most basic sense, you can compare them to collectors items in which people spend a good amount of money on even in this day and age. If you think collecting items and art is a worthless endeavor, then I’d imagine you’d feel the same about NFTs.

Beyond the collector aspect and online swag aspect of NFTs, I believe we’re still just touching the tip of the iceberg when it comes to NFT use cases. There’s are and will be unique ways NFTs can be utilized in real world use cases beyond the get rich schemes.

Of course, the challenge will be adoption and the pipes and infrastructure for crypto is just not there yet. As my stance has always been, I’ll be participating in NFT/crypto projects that I want to be part of. There is great learning potential there and I want to be part of the evolution of this new technology.