The future of NFTs (does it even exist?)
As we are all aware of, NFT has caused a major storm.
The amount of art produced from 2021 till date is something that has never happened throughout the history of mankind.
The billions of dollars worth of cryptocurrencies has also broken records.
The productions of decentralized applications too have seen enormous growth and adoption since.
Where is this all leading to?
Why are some experts claiming that NFTs are “just a bubble waiting to be popped”?
Why are known influencers such as Gary Vaynerchuck and Jake Paul endorsing NFTs for its mass adoption?
Too many questions and too little an answer.
I would start with pointing out a personal agenda.
Despite being a strong advocate for NFTs, some argue that Gary Vee only had major opinions about NFTs as a promotional stunt for his Veefriends NFT Collections that has amassed millions in revenue.
Personally I believe that actions speak louder than words. Gary Vee has been religiously talking about NFTs and further goes to prove it with his collection and its usage, this makes me believe him even more!
When they say that NFTs are a fad, I would 100% agree with them. 2021 and 2022 has been extremely good for NFTs. But as everything that is associated with the human race, greed takes over.
The coming years will see a massive decline in the NFT Space. The years 2023–2025 will show a significant failure in NFT and we are to be blamed for it.
About 90% of projects in the NFT space right now will fail and many will lose interest, a huge number of scams will dominate the space and cause massive disruption to upcoming projects.
How do we avoid this?
There is virtually no way of avoiding this. At the risk of sounding irreverent, there are some things that NFT enthusiasts can do right now to potentially get on top of this.
The keyword here is Utility. By providing long-term benefit to your NFT buyers or holders, the potential catastrophic events that may befall the NFT economy might be vastly mitigated.
In my coming articles, I will further outline each and every utility possible for NFT projects.
Till then, please DM me on Twitter @1eth1da to get more tips and tricks for your NFT project. I also do NFT project reviews.