NFTs to Recover. Despite a dip in sales volume for non-fungible tokens in Q2 of 2024, experts in the Web3 space are bullish on the asset class’s potential to reclaim its prior glory. June statistics from CryptoSlam revealed that NFTs had a terrible Q2 of 2018. After being propelled by Solana-based collections and Bitcoin Ordinals in the fourth quarter of 2023, digital collectibles saw a 45% decline in sales volume compared to the first quarter of 2024. The Web3 community is hopeful about the asset class’s prospects for a comeback, even though volumes have dropped.
Interest in NFTs can Peak Again
Web3 gaming platform Senet’s CEO Mohsin Waqar is confident that NFTs will see a renaissance as additional sectors discover uses for the technology. If the technology were to become more user-friendly, the CEO emphasized, interest would be reignited and maintained. Indeed, according to Waqar, “interest in NFTs can peak again,” especially because the technology and its uses are constantly developing. Curiosity and speculation propelled the first hype phase, but real utility and widespread adoption are more likely to propel the next high.
A spokesperson for RECRD, a video interaction platform supported by Sui, Anoir Houmou, stated that NFTs are currently “witnessing a healthy adoption rate.” The C-suite member highlighted the growing importance of NFTs in industries like gaming. The CEO said advertisers and brands could access the ecosystem through loyalty programs incorporating NFT minting and tradeability.
“For instance, by partnering with brands and arranging driving endorsements, NFTs can become more well-known and credible. This will allow them to reach a wider audience and create a more open market for trading and valuation,” Houmou continued.
NFTs are Still an “Extremely Powerful” Token Standard
The area was likened to the dawn of the internet by Jonathan Perkins, co-founder of the NFT marketplace SuperRare. The majority of people, according to Perkins, dismiss the internet as a “toy for nerds” or a medium for “scams and porn.”
But the CEO made the point that the internet is now so ingrained in people’s lives that they hardly even consider accessing it; they think about their phones. The executive thinks NFTs to Recover might follow a similar path in the future. “Nothing has fundamentally changed about the utility or value of NFTs, and they are an extremely powerful token standard,” he explained. Over the next decade, I predict NFTs will hold worth in the trillions of dollars.
Lovely co-founder Dave Catudal, meanwhile, thinks that NFTs being prized as collectibles “will be met with resistance for some time.” The CEO said the asset class needs to prove its usefulness before a wider audience will take it seriously. Regardless, the CEO believes the asset class’s technology and utility will keep expanding.
