Roundtable: “Deep Dive into NFT Utilities”
Guests:
- Nick Rose, Founder of Ethernity Chain
- Vijay, Founder of bitsCrunch
- Jason Hu, Co-Founder of YoloYolo
Top 3 Key Takeaways :
1. The underlying value of NFTs will depend on different use cases and applications that the community accepts and encourages.
The discussion started with the guests going deeper into the potential of brand value in the blockchain and how being a first mover in the space can provide a significant advantage. They highlighted the importance of bringing established brands with real-world value, such as Lionel Messi or Disney, onto the blockchain, as it can enhance their value and reach. The underlying value of NFTs depended on the community's acceptance and encouragement of different use cases and applications. While the market sentiment and various factors can influence the trading price of NFTs, all three guests emphasized that there is still much progress to be made in allowing communities to unlock and expand the utilities of NFTs, creating opportunities for users, members, and holders.
2. Given the current stigma around it, NFTs will become an underlying infrastructure that people will interact with and shift gears.
During the spaces, we raised the question of whether there is a stigma associated with NFTs, to which the guests acknowledged the existence of resistance and stigma surrounding the term. They mentioned that prominent brands like Roblox have started using the term "digital collectibles" instead of NFTs, aiming to distance themselves from the negative reputation of unsuccessful projects in the space. However, they emphasized the importance of considering that the NFT market has only experienced one bull run so far, and even within that limited timeframe, numerous innovations have emerged and are still being developed. The guests emphasized that we are currently standing at the precipice of what an NFT truly represents, and it is still in its early stages. As a result, they believe that the concept of NFTs is bound to evolve and change significantly in the future.
3. Art and gaming will continue to be disrupted by NFTs, but the sky is the limit in the future.
At the end of the conversation, we asked the guests what industry will be most disrupted by NFTs. Without a doubt, gaming came up first, as it is the perfect fit for mass adoption and inclusion, and we can already see use cases happening in real time. For example, Polygon recently made an announcement about its partnership with EA Sports. This collaboration is expected to progress and lead to the introduction of their offerings. In the short term, the disruption in the art sector will persist, as it was the original domain of NFTs, allowing for easy integration of digital art onto the blockchain. Our guests say that artists will witness ongoing innovation within the art sector, and beyond that, the possibilities for NFTs are limitless. As technology evolves, new avenues and opportunities are expected to emerge.
