Tony Ling, the co-founder of NFTGo, told in a press release that big names in the non-fungible token (NFT) market might gain the attention of newcomers. According to him, however, that does not mean mass adoption will follow. The industry needs innovation, which may reverse the market to a bull run.
NFT artists could be affected by significant changes, like when Adobe bought Figma. The collaboration will most likely force creators to adapt to the combined features of both platforms. For example, Adobe has rights to Behance, a program displaying NFTs that lets users link their profiles, including crypto wallets and non-fungible artworks. Figma, on the other hand, makes kits for people who want to make NFTs.
Adaption Depends on People’s Experience and Beliefs
Ling stated that big companies no longer influence the blockchain industry’s value. As of the crypto winter, the industry is dealing with concurrent problems like high royalty fees and the constant pressure of the Feds against the blockchain market. For example, OpenSea laid off 20% of its staff. He added, “Key innovation must happen in the new center, not some existing big unicorns.”
Brenda Gentry, CEO of Bundles Bets and a blockchain advisor, had an equal opinion. She said that she thinks the “industry will always adapt and find new tools,” no matter who is in the industry, be it a startup development studio or Elon Musk.
At press time, Nansen’s NFT indexes, which measure how the NFT market is doing, have lowered to 24% since the beginning of the year.
Louisa Choe, a research analyst at Nansen, said that this is in line with the general trend of a market correction:
“We are seeing lower volumes across the market. However, NFT projects with solid community narratives and cultural references have continued to perform.”
NFT Markets Beyond Art
A new report from DappRadar shows that the GameFi sector will likely drive a recovery.
In August, the total number of NFTs traded went up by 13%, and the number of NFTs sold went up by 83.36% to over 1.3 million.
Meanwhile, new Chainalysis data found that 58% of cryptocurrency services in Asia and Oceania traffic is related to NFTs. This is driving the adoption of cryptocurrency in these areas.
Smart buyers and investors do not look at the current state of the market as a downward spiral but as an opportunity to buy the best NFT goods at massive discounts. Technical analyses indicate that the crypto and NFT markets are swirling at the bottom, with diamond hands just waiting for a market upturn. However, predictions are often low probabilities, and the market could dip lower than it already is.
Even so, the value of most NFTs is at an all-time low, rewarding patient buyers enough time to choose whichever they like before prices spike again. Yet, even with signs of buyers coming back, NFTs will still need a sense of innovation that will drive even the most oblivious person who knows nothing about blockchain will turn into a fan of the technology.