In episode 65 of the Hashing It Out podcast, Jana Bertram, Head of Strategy at RARI Foundation, shares her insights on the current state of non-fungible tokens (NFTs) and their potential future. Speaking with host Elisha Owusu Akyaw, Bertram acknowledges the decline in NFT trading volumes but argues that the technology remains significant.
Return of the NFT?
Bertram explains that the NFT bull market, which brought widespread attention to digital collectibles, is likely to return in a different form. "The NFT bull cycle already happened," she says, adding that while the hype has diminished, NFTs are still crucial for empowering creators and enabling innovative use cases, such as real-world asset tokenization.
Challenges Facing the NFT Space
One of the key challenges plaguing the NFT space, as highlighted by Bertram, is the debate over royalties. Some NFT marketplaces have made royalties optional in recent years, significantly impacting creators’ earnings. This shift has forced the industry to reconsider how to balance creators’ rights with market dynamics.
The Royalty Debate
The royalty debate is a contentious issue in the NFT space. While some argue that artists should retain control over their work and receive fair compensation for its use, others claim that market forces should dictate the value of art. Bertram notes that this debate has sparked important discussions about the role of creators in the NFT ecosystem.
Scalability and Affordability
The discussion also touches on two major touchpoints in the Web3 space: scalability and affordability. Bertram points out that advancements in blockchain infrastructure have made NFT transactions more cost-effective, addressing one of the barriers that previously hindered adoption.
The Impact of Scalability
Scalability is a critical aspect of any successful technology. In the case of NFTs, improved scalability has enabled faster and more efficient transactions, making it easier for creators to mint and sell their work. However, Bertram notes that there is still room for improvement in this area.
Looking Ahead
Bertram envisions NFTs expanding beyond digital art and collectibles with a bigger emphasis on practical applications such as identity verification, ownership records, and even healthcare documentation. While the market may have cooled, the underlying technology continues to evolve, promising broader applications and more inclusive participation in the years to come.
The Future of NFTs
The future of NFTs is uncertain, but one thing is clear: the technology has the potential to revolutionize various industries. Bertram’s vision for a more practical and inclusive NFT ecosystem is an exciting prospect, and one that could have far-reaching consequences.
Public Perception
However, she notes that public perceptions of NFTs remain a hurdle, with the term often associated with speculative trading and financial losses. While the market may have cooled, the underlying technology continues to evolve, promising broader applications and more inclusive participation in the years to come.
The Importance of Education
Education is key to overcoming public perception issues. By sharing accurate information about NFTs and their potential benefits, we can work towards a more informed and accepting community.
Conclusion
In conclusion, Jana Bertram’s insights on the state of NFTs offer a nuanced view of the current market and its future prospects. While challenges remain, it is clear that NFT technology has the potential to revolutionize various industries and improve our lives in meaningful ways. Listen to the full episode of Hashing It Out on Cointelegraph’s podcast page, Spotify, Apple Podcasts, or your podcast platform of choice.
Further Reading
- Tokenization can transform US markets if Trump clears the way: Read more about the potential impact of tokenization on traditional financial markets.
- Comeback 2025: Is Ethereum poised to catch up with Bitcoin and Solana?: Explore more articles like this one, covering the latest developments in the crypto space.
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