Despite a 45% drop in NFT sales during the second quarter of 2024, professionals in Web3 remain optimistic. This is regarding the future of non-fungible tokens.
While non-fungible tokens have struggled in terms of sales volume, Web3 professionals remain hopeful. Indeed, the asset class will reach new heights again, just as it did in its early years!
In June, data from CryptoSlam showed that NFTs experienced a challenging second quarter this year.
Additionally, the volume of sales for digital collectibles dropped by 45% compared to the first quarter of 2024, unable to maintain the momentum driven by Solana-based collections and Bitcoin Ordinals in the fourth quarter of 2023.
However, despite the decline in volumes, the Web3 community remains optimistic about the potential resurgence of the asset class.
Interest in NFTs May Rise Again
Mohsin Waqar, CEO of the Web3 gaming platform Senet, is convinced that NFTs can experience a new boom, especially if more companies find ways to integrate this technology. The executive emphasizes that interest would be renewed and sustained if the technology becomes more user-friendly.
Moreover, Waqar stated:
“Yes, I believe that interest in NFTs can rise again, particularly because the technology and its applications continue to evolve. The initial phase of excitement was driven by curiosity and speculation, but the next peak will likely be motivated by real utility and adoption by the general public.”
Anoir Houmou, CEO of the video engagement platform RECRD, asserts that NFTs are already “witnessing a healthy adoption rate.” The executive highlighted use cases such as gaming, where NFTs are becoming increasingly important.
He also mentioned that integrating minting and trading of NFTs into loyalty programs can open the ecosystem to brands and advertisers.
“For example, encouraging partnerships and collaborations with brands can significantly boost the visibility and credibility of NFTs, attract a broader audience, and create a more transparent environment for valuation and exchange,” says Mr. Houmou.
NFTs Remain an “Extremely Powerful” Token Standard
Jonathan Perkins, co-founder of the NFT marketplace SuperRare, compares the space to the early days of the internet. Perkins pointed out that most people considered the internet a “toy for nerds” or something used for “scams and porn.”
However, the executive emphasized that the internet today has become so integrated that people no longer think about using it in the same way they think about using their phones. He believes that NFTs could experience a similar trajectory in the future.
He explains:
“NFTs are an extremely powerful token standard, and nothing has fundamentally changed regarding their utility or value. I think we will see trillions of dollars of value represented in NFTs over the next ten years.”
Dave Catudal, co-founder of the social monetization platform Lyvely, believes that the valuation of NFTs as collectibles “will face some resistance for a while.”
Furthermore, the executive noted that the asset class needs to demonstrate its value to be taken more seriously by a broader user base.
Despite this, he remains convinced that the technology and utility of this category of assets will continue to develop! A very good sign for this market!
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