In this episode of the Hashing It Out podcast, Jana Bertram, Head of Strategy at RARI Foundation, joins host Elisha Owusu Akyaw to discuss the current state of non-fungible tokens (NFTs) and their future. The conversation is a thought-provoking exploration of the NFT market’s recent decline in trading volumes, but also highlights the underlying technology’s significance.
The Return of the NFT Bull Market?
Bertram acknowledged that the NFT bull market, which brought widespread attention to digital collectibles, has likely returned in a different form. She emphasized that while the hype has diminished, NFTs remain crucial for empowering creators and enabling innovative use cases. One such example is real-world asset tokenization.
"The NFT bull cycle already happened," Bertram said. "While the hype has diminished, NFTs are still significant for creating value and innovation."
Bertram pointed out that the current market’s decline in trading volumes can be attributed to several factors, including:
- Over-saturation: The initial wave of NFT adoption led to an influx of creators entering the market, resulting in oversupply.
- Lack of education: Many users were drawn into the market without fully understanding the underlying technology and its potential applications.
However, Bertram is confident that the NFT market will recover, driven by increased awareness and a deeper understanding of its benefits. She highlighted the importance of creators embracing innovative use cases and leveraging NFTs to create value.
The Royalties Debate
One of the key challenges facing the NFT space is the debate over royalties. Some NFT marketplaces have made royalties optional in recent years, significantly impacting creators’ earnings. Bertram noted that this shift has forced the industry to reconsider how to balance creators’ rights with market dynamics.
"The shift towards optional royalties has highlighted the need for a more nuanced approach to creator compensation," she said. "We must strike a balance between empowering creators and ensuring the long-term sustainability of NFTs."
Bertram emphasized that this issue requires ongoing discussion and collaboration among industry stakeholders, including creators, marketplaces, and policymakers.
Scalability and Affordability
The conversation also touched on two major touchpoints in the Web3 space: scalability and affordability. Bertram pointed out that advancements in blockchain infrastructure have made NFT transactions more cost-effective, addressing one of the barriers to adoption.
"Improved scalability and reduced transaction costs are essential for mainstream adoption," she said. "We’re seeing significant progress in this area, which will only continue to drive growth."
Bertram’s vision for the future of NFTs is a broadening emphasis on practical applications, including:
- Identity verification: Using NFTs to verify identities and facilitate secure transactions.
- Ownership records: Utilizing NFTs to record ownership and transfer assets efficiently.
- Healthcare documentation: Leveraging NFTs for secure and tamper-proof storage of medical records.
While public perceptions of NFTs remain a hurdle, Bertram is confident that the underlying technology will continue to evolve, promising broader applications and more inclusive participation in the years to come.
Conclusion
In conclusion, Jana Bertram’s conversation with Elisha Owusu Akyaw sheds light on the current state of NFTs and their future potential. While the market may have cooled, the underlying technology remains significant and continues to evolve.
Listen to the full episode of Hashing It Out
To dive deeper into this topic, listen to the full episode of Hashing It Out on Cointelegraph’s podcast page, Spotify, Apple Podcasts, or your preferred podcast platform.
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