In a rapidly changing digital landscape, non-fungible tokens (NFTs) are finding their footing as Jana Bertram, Head of Strategy at RARI Foundation, shares her insights on the future of NFTs in the latest episode of the Hashing It Out podcast. While some may argue that the NFT market has slowed down, Bertram’s perspective reveals a more optimistic outlook, emphasizing that NFTs are not dead; they are evolving.
During her conversation with podcast host Elisha Owusu Akyaw, Bertram acknowledged the recent downturn in NFT trading volumes but asserted that the underlying technology remains vital. She said, “The NFT bull cycle already happened,” emphasizing that although the initial hype has faded, NFTs still play a crucial role in empowering creators and enabling innovative applications.
One critical challenge in the NFT arena is the ongoing debate over royalties. Recent changes in NFT marketplaces have made royalties optional, leading to significant impacts on creators’ earnings. Bertram points out that this shift is forcing the industry to reassess how to balance creator rights with market dynamics—an essential discussion for sustaining the ecosystem as it transitions.
The conversation also shed light on two significant factors in the Web3 landscape: scalability and affordability. Bertram noted that advancements in blockchain infrastructure are making NFT transactions more cost-effective, addressing previous barriers that hindered broader adoption. As technology progresses, the potential for NFTs to expand beyond mere digital art and collectibles is immense.
Looking to the future, Bertram envisions a world where NFTs could serve critical functions, such as identity verification, ownership records, and even healthcare documentation. Nevertheless, one of the substantial obstacles to the growth of NFTs is public perception. Often associated with speculation and financial risks, NFTs must evolve to reshape how they are viewed, focusing on real-world applications to attract a more extensive user base.
In conclusion, while the NFT market may appear to have cooled, its fundamental technology continues to progress, promising broader applications and more inclusive participation in the coming years. For a detailed exploration of this topic, be sure to listen to the full episode of the Hashing It Out podcast.
