This is arguably the most well-known of the digital art NFT projects. It has arguably been more interesting to investors and developers, than consumers.Ĭoral Gables-based venture capital firm, Bored Ape Yacht Club (BAYC), is one of the premier investors in this space.
Those who have been raking in the dough (and losing it), are the investors. Once new users get over the crypto wallet learning curve, the NFT concept for some becomes more plausible. Participants purchase a low-cost NFT that gives them access to different “coffee experiences”, the company says. Market participants say there is still room for greater NFT adoption, and the consensus is that big brands will lead the way.įor example, Starbucks SBUX’ Web3 rewards platform is generating some buzz.
Whenever that happens in a crypto sector – be it decentralized finance or new blockchain fads – investors hit pause, and the debate rages on about the sector’s viability. NFTs rose like a rocket out of 2021 after being relatively dull, then collapsed down to earth in 2022. The hype is gone, even though new coins come to market all the time. The initial coin offering was the only crypto story that ever got blown up and vanished. (Photo taken in April 2022 by Mario Tama/Getty Images) Getty Images NFTs: Beyond Bored Apes The Bored & Hungry burger restaurant in Long Beach uses NFT art from the Bored Ape Yacht Club. “Still, much more needs to be done to improve the overall trust and authenticity of NFTs,” Shaame says.
More recently, automated systems to detect plagiarism ( "copymints") were put in place and are helping bring back some trust to the ecosystem.
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NFT marketplaces and platforms have started to implement measures such as whitelisting and manual curation to help prevent fraud. “The NFT space has made a lot of progress in solving issues such as plagiarized works, fake collections, and spam,” says Shaban Shaame, CEO at Wakweli, an infrastructure standard protocol in Geneva that allows users to buy genuine NFT’s and to be sure that they possess the rights for the asset. For example, if an NFT is really an investment in a GameFi-related token, why should it not be treated as an investment? Regulatory uncertainty: A lack of clear regulations surrounding NFTs creates uncertainty and risk for buyers and sellers.Interoperability between platforms will be necessary for NFTs to achieve broader adoption. Lack of interoperability: NFTs are spread across multiple blockchains and siloed, which makes it difficult for them to be easily exchanged or utilized across different blockchain platforms.More NFTs are springing up on layer-2 blockchains but do not have the visibility. Prohibitive transaction costs: High transaction fees associated with NFTs, particularly on Ethereum, remains a barrier to adoption, especially for smaller transactions.Fake listings: NFT marketplace Magic Eden said this month that an unresolved issue at the marketplace has allowed fake NFTs to be listed and sold as part of real collections.(Think celebrity cash-grab NFTs with no utility and hurt the industry overall as nothing but a crypto grifter’s playpen.)
Expanding the use cases for NFTs and showcasing their potential to a bigger audience remains critical to achieving mainstream appeal.
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