Non-fungible tokens, or NFTs, saw a drop in sales during the second quarter of 2024, but experts in the Web3 space remain hopeful that these digital assets will regain their former popularity.
Monkey move
Despite the dip in sales, the Web3 community is still confident about the future of NFTs. Mohsin Waqar, the CEO of Web3 gaming platform Senet believes that NFTs can make a strong comeback as more industries begin to use the technology.
He shared that making NFTs more user-friendly could lead to renewed interest. Waqar explained that the initial excitement few years back around NFTs was fueled by curiosity and speculation, but he expects the next wave of interest to come from practical uses and wider acceptance.
Play a game
Anoir Houmou, the CEO of the Sui-backed video engagement platform RECRD, noted that NFTs are already seeing good adoption rates, especially in gaming.
He suggested that integrating NFTs into loyalty programs could attract more brands and advertisers, and also growing the visibility and credibility of NFTs.
Houmou believes that endorsements and actual collaborations with brands could boost interest and create a more transparent market for valuing and trading NFTs.
Jonathan Perkins, co-founder of the NFT marketplace SuperRare, likened the current state of NFTs to the early days of the internet.
He recalled that many people once dismissed the internet as a niche interest or simply a place for scams, but today, the internet is so integrated into daily life that people use it without thinking.
Perkins believes NFTs could follow a similar path, becoming a fundamental part of digital life. And eventually trillions of dollars in value will be represented by NFTs in the next decade.
Serious business
Dave Catudal, co-founder of the social monetization platform Lyvely, acknowledged that NFTs as collectibles might face resistance for a while.
Being a jpeg maybe not enough for the long term success. He stressed that NFTs need to prove their value to be taken seriously by a wider audience.
Despite these challenges, Catudal remains optimistic about the growth of NFT technology and its uses.
