In recent years, digital currencies have been all the rave. However, the idea that digital assets are exclusively some form of currency is slowly falling by the wayside as different use cases are emerging and being rapidly adopted. This May, The Fintech Times is looking to showcase some of these new methods and explore how the digital asset ecosystem is evolving.
Non-fungible tokens (NFTs) took the world by storm in 2020 and 2021, as seemingly everyone discussed the relatively new concept, and some spent significant amounts to become sole owners of NFT art. However, it didn’t take long for the bubble to burst and the hype to die down.
Most NFTs saw a significant reduction in value as interest in the concept rapidly reduced across the globe. However, in the last couple of years, behind the scenes, some developers have continued to bet on the technology for other use cases.
But can NFTs truly make a comeback, even to half of the extent of popularity seen a few years ago? To find out, we asked industry leaders what it would take for us to see an NFT revival.
“Not what we had before,” says Martin Goycoolea Scott, product lead and builder of DeFi wallet Zeal. “The issue with NFT art or NFT profile pics is that they’re by definition scarce, exclusive, and limited. We need NFT use cases that transcend the membership or club experience in a way that facilitates the ownership of digital or physical products. My bet would be that either financial instruments (real-world assets) or games will make NFTs more mainstream.”
NFTs and crypto are linked
Where cryptocurrencies succeed, NFTS will too, according to Karen Jones, founder and CEO of Citywealth, the wealth management platform.
Karen Jones, founder and CEO of Citywealth
“NFTs work side by side with crypto which in 2024 is recording bitcoin at over $70,000, an all-time high, so a revival will come with price upswing. NFTs are mainly a marketplace for people who understand crypto and it’s driven by tech and art.
“Some of the most expensive NFTs pay lip service…