In episode 65 of the Hashing It Out podcast, Jana Bertram, Head of Strategy at RARI Foundation, joins host Elisha Owusu Akyaw for a thought-provoking discussion on the state of non-fungible tokens (NFTs) and their future. The conversation delves into the current decline in NFT trading volumes, but also highlights the significance of the technology and its potential for growth.
The Return of the NFT Bull Market?
Bertram begins by acknowledging the decline in NFT trading volumes, but argues that this is not a sign of the market’s demise. Instead, she suggests that the NFT bull cycle has already occurred, and while the hype may have diminished, NFTs remain crucial for empowering creators and enabling innovative use cases.
"The NFT bull cycle already happened," Bertram states. "We’ve seen the hype, we’ve seen the speculation, and now it’s time to focus on the underlying technology and its potential applications."
Bertram notes that while the market may have cooled down, the underlying technology continues to evolve, promising broader applications and more inclusive participation in the years to come.
The Royalties Debate: Balancing Creator Rights with Market Dynamics
One of the key challenges still plaguing the NFT space is the debate over royalties. Bertram highlights that some NFT marketplaces have made royalties optional in recent years, significantly impacting creators’ earnings.
"This shift has forced the industry to reconsider how to balance creators’ rights with market dynamics," Bertram notes. "We need to find a way to make sure that creators are fairly compensated for their work while also making NFTs accessible and affordable for everyone."
Scalability and Affordability: The Key to Mainstream Adoption
The discussion also touches on two major touch points in the Web3 space: scalability and affordability. Bertram notes that advancements in blockchain infrastructure have made NFT transactions more cost-effective, addressing one of the barriers that previously hindered adoption.
"With the advancement of blockchain technology, we’re seeing significant improvements in scalability and affordability," Bertram explains. "This is crucial for mainstream adoption, as it will make NFTs more accessible to a wider audience."
Looking Ahead: Practical Applications and Beyond
Bertram envisions NFTs expanding beyond digital art and collectibles with a bigger emphasis on practical applications such as:
- Identity verification: NFTs can be used to create secure and unique identity tokens, making it easier for individuals to prove their identity online.
- Ownership records: NFTs can be used to store and verify ownership of physical assets, reducing the need for intermediaries and increasing transparency.
- Healthcare documentation: NFTs can be used to securely store and manage medical records, improving patient care and reducing administrative burdens.
However, Bertram notes that public perceptions of NFTs remain a hurdle, with the term often associated with speculative trading and financial losses. While the market may have cooled down, the underlying technology continues to evolve, promising broader applications and more inclusive participation in the years to come.
Conclusion
The conversation between Jana Bertram and Elisha Owusu Akyaw provides valuable insights into the current state of NFTs and their future potential. Despite the decline in trading volumes, Bertram argues that the technology remains significant and is poised for growth.
As the industry continues to evolve, it’s essential to address the challenges facing NFT creators and adopters alike. By balancing creator rights with market dynamics, improving scalability and affordability, and exploring practical applications, we can unlock the full potential of NFTs and bring them into mainstream adoption.
Listen to the Full Episode
For more insights and discussions on NFTs and Web3, tune in to the Hashing It Out podcast, available on Cointelegraph’s podcast page, Spotify, Apple Podcasts, or your preferred podcast platform.
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