The future of NFTs have been a recurring theme throughout this conference. This panel was assembled to take a deep dive into some of the future markets that NFTs could disrupt and how these new streams of revenue could continue to flourish. This panel of experts will tell us where they see us in 5-10 years.
Meet the Panel
Jeff Kelley, Co-Host, Edge of NFT
Vanessa Grellet, Head of Portfolio Growth, CoinFund – CoinFund invests in Blockchain and Crypto and was an early investor in Dapper and Rarible.
Rowland Graus, Product Manager, Agoric – Agoric is trying to streamline and lower the barriers to entry for developers trying to get into Blockchain.
Alex Salnikov Head of Product and Co-Founder, Rarible – Rarible is an NFT marketplace and a place where all projects can get listed!
Jonathan Victor, Product Manager and Business Development, Protocol Labs – Leading NFT efforts trying to help development efforts
The atomic rise of NFTs is not going anywhere, these panelists are of the mind that the “NFT Bubble” is still in the early stages of a general market cycle. There are some assets of course that will rise and fall over time and not every generative artwork will exist in the years to come, but they won’t drag down the entire market. There will be a future where NFTs aren’t seen as novel just because they exist, instead NFTs will be seen as the standard.
The continued push into the growth phase will occur with streamlining many important aspects of the current NFT space. For starters, we need a streamlined on boarding approach, the current dynamic of setting up wallets and transferring back and forth is not an experience many people are willing to undertake. Cost will need to continue to come down, they didn’t directly reference the insanity of Ethereum gas wars, but they didn’t not mention how expensive literally everything is to do currently. The technology is continuing to advance, we’re in a high-risk stage of the market cycle, but as more developers enter the space and each team pushes the limits of what is possible things can keep moving forward.
The potential to revolutionize industries we can all agree is extravagant. Gaming is the natural first step and we’ve already seen projects like Axie pop up. The other side of this are projects like Gala Games which sold an NFT prior to development, to fund development! The buyers of the NFTs are along for the ride and have future benefits in store for them. This could be done across many artistic industries including music, movies and more.
Takeaways & The Future
On-boarding new community members into the NFT world is cumbersome, and in order to get the average person into it this will need to be drastically improved. Operational costs need to continue to decrease, wallet functionalities and clarities improved and transparency across the board. It’s currently difficult to track all the moving parts and this overwhelms many of those who do even get through the on-boarding process.
The community surrounding NFTs will continue to be a driving force for what comes next, and I’m super excited to have a front seat to the show.