The general public has become acquainted with NFTs primarily as pieces of digital art. But the technology has applications far beyond that use case and has continued to evolve amidst losses both in the crypto market and conventional financial markets. A group of NFT aficionados sat down with Roundtable to talk about the present and future of NFTs. In this segment, the panel discusses the evolution of NFTs and how the space has been affected by recent dips in the market.
Marc LoPresti notes that the recent dips have had a two-pronged effect on the NFT market. The most desirable NFTs have gained value, while others haven’t fared so well.
“You have definitely seen a significant decline in new NFT launches. You've seen floor prices go down for new NFT launches. You've seen existing tier-two and three and below NFT projects decline significantly,” he says. “So there is a significant change that's going on in the NFT industry and in the NFT marketplace. This is an evolution of the asset class. All new asset classes go through evolutionary periods.”
Crystal Rose Pierce says that this evolution also involves a shift away from NFTs as simply digital art.
“NFTs absolutely are their own asset class. NFT 2.0 moves away from just art into any bespoke good, anything with authenticity, anything with provenance,” she explains. “We're going to see a massive movement. We're already seeing it in fashion.”
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Watch the full discussion below:
Crystal Rose Pierce, Founder, Lighthouse NFT Smart Gallery
Marc X. LoPresti, Co-Founder, IDI Group
Matthew Fellows, NFT Artist, The Zombie Collective