2022-6-25 13:40 |
The head of RippleX Monica Long told what qualities are needed for NFTs to succeed into the future.
The head of RippleX Monica Long on Twitter told what qualities are needed for NFTs to succeed into the future. First of all, she noted why she thought about it:
My first @NFT_NYC officially in the books! Through conversations both on and off stage, in official venues and side dinners, I’ve been ruminating on what qualities are imperative for NFTs to succeed into the future.
As for the qualities directly, she got the following:
First – what’s worked so far: art & collectibles (no brainer). Why? Identity and community. Flexing is a big part of it – we humans are predictable in what we take pride in, and PFPs as digitally wearable art are akin to cult-favorite sneakers. Even with the current market downturn, identity and community still remain core to why people initially get into NFTs. I’m seeing stronger creator/fan relationships now too – and an overt call to cut intermediaries, the rent-takers and friction-makers.
Second – where are we on the adoption curve? EARLY if history is any indication. Recall: 1969 – Arpanet, 1990 – World Wide Web, 2016 – Apple, Tencent, Amazon as the top global companies. It took *50 years* to reach that maturity.
Compare that to: 2009 – Bitcoin, 2017 – Cryptokitties, 2021/22 – NFTs are firmly in mainstream consciousness. However, NFTs are still essentially babies (barely 5 years old!) So what will move us to “enlightenment” on the adoption curve?
Key components IMO include:
– Product-market fit – identifying rug pulls vs real deal, adopting community token loops, ensuring ever-increasing engagement + stickiness w/ real utility
– Usability/security – solve complex/scary UX issues w/ self-custody, rampant theft on apps
Key components part 2: – Regulation- lots of fractionalization/ KYC/AML /property concerns today. Not just about regulatory clarity for crypto assets, but creators want to protect their IP, build marketplaces, and monetize their work safely without running afoul of regulators
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