- NFTGO Founder, Tony Ling said in an interview that innovation will promote mass NFT adoption.
- The NFT sector needs new tools to convince people to adopt it.
- Currently, the NFT market faces several challenges that undermine its advantages.
NFTs have become a global sensation nowadays. Though NFTs are with us since 2014, their market flourished in 2021 making it a million-dollar industry.
Moreover, the emergence of concepts like metaverse and blockchain games further promoted the growth of NFTs. The community witnessed major unicorns and players in NFT collections like BAYC, and Doodles; OpenSea in the NFT marketplace; Metamask in wallets, and hundreds of NFT investors and entrepreneurs.
NFTs might seem to have entered the mainstream, but a majority of the population still knows nothing about them or considers them gambling. Mass adoption of NFTs is still far fetched dream.
According to Tony Ling, the founder of NFTGO, NFTs require some major innovations to push its mass adoption. In an interview with CoinTelegraph, he said that the presence of big players in the NFTs sustains the community and attracts the newbies but does not encourage its mass adoption.
Ling also said,
Key innovation must happen in the new center, not some existing big unicorns
New innovations such as Adobe’s acquisition of Figma will influence creators to combine the features of both Adobe and Figma enabling them to explore the NFT world.
Adobe also owns Behance where creators can showcase their NFTs. Now with Figma, creators have an advanced tool at their disposal to create unique NFTs. We require such innovations to accelerate the growth of the NFT industry.
Though the NFT market volume increased by 20x to 22x from 2018 to 2021, it’s currently 24% down.
Louisa Choe, Research Analyst at Nansen said,
We are seeing lower volumes across the market. However, NFT projects with solid community narratives and cultural references have continued to perform.
Nansen NFT Indexes track the performance of NFTs across diverse sectors.
However, data from Dappradar indicates a 13.25% rise in NFT trading volume in August and an 83.36% rise in sales with over 1.3 million NFTs traded.