SNEAK PEEK
- Helen Hai believes that the industry has not even scratched the surface of what NFTs have to offer.
- Bringing the creator and user together is the key to the future of NFTs.
- Despite the volatility in NFT price, investment in NFTs for long-term value is a smart move.
The best is yet to come for non-fungible tokens, believes head of Binance NFT marketplace, Helen Hai.
Referring to the same, Helen Hai said:
If you ask me, did I really buy a lot of [these]? No, I didn’t. Because I still think the real value creation of the NFT is not really here yet.
She further said:
We need to understand more about the user’s perspective, and also the creator’s perspective. How can we actually connect everything together?” Blockchain and NFTs definitely have long term value. And in my personal opinion, NFTs are definitely going to go up. That’s the bigger direction.
In the first quarter of 2022, NFT sales volumes plunged nearly 50% with resale profit volume down 3%. As of February, 1.2 million NFTs have been minted.
Hai anticipates increased volatility in the midst of a stock market sell-off, which she refers as a geopolitical recession given the Russian-Ukraine standoff.
She said that temporary turbulence is foreseen. The latest chaos in the crypto markets is spilling over to NFTs. The ongoing state of panic has made everyone wonder if this is a real risk or a systemic one.
Additionally, Hai said:
Do all contents have value on the platform, the answer is no. As well, is it that everything has no value? No,” she said. “But people need to differentiate and appreciate. It’s like going to buy art. This is a very judgmental thing.
According to her, the best way for the industry to grow and evolve is by imparting knowledge to the users about the possible risks. Owing to the volatility in the price, it is important for them to know where they are investing their money.
Emphasizing on long-term utility, Hai said:
You shouldn’t invest in crypto simply because a famous person creates much hype around a specific project and wastes your money. Instead, you should invest in an NFT with long-term utility.That’s how you actually create a sustainable future for NFTs.
Also Read: How to Invest in NFT
