NFTs are Not Dead, Just Being Reborn

Just as quickly as NFTs were declared the next new thing they’ve taken a nosedive in value and activity. The number of NFT sales fell to 19,000 this week according to NonFungible, the world’s largest NFT data resource.

Image Credit: NonFungible.com

Beeples and Bored Apes had their moments, but they will be less often repeated. It will still be cool to have your avatar wear Nikes to the online concert. Especially since they’re featured on a NY Times Square billboard.

Image Credit: Image via Twitter link

But you’ll notice that the NFT market is not the Roaring Twenties that it was less than a year ago. Hacks, inflation, rightsizing of the collectibles audience, and a general awakening about the speculative value of NFTs have converged to slow things down. 

That said, look for what I’m calling NFT2s, which are second generation NFTs that are more than just pretty pictures—NFTs that have some real utility. Property deeds, contracts, other enduring records, government documents: they may not be sexy, but they are the stuff of future NFTs. 

Most important for VEG readers, event hosts are starting to sell a higher tier of tickets as an NFT. Look at NFT Access where anyone can create an event using pre-existing NFT collections or create NFTs directly through the site. The NFTs might be for merch with your admissions, special VIP seating, or autographs from your favorite celebs. They can also serve as mementos of your time at the event. 

We’ve written about Consensus’ clever use of NFTs at events. Blockworks and Bankless held their Permissionless conference in mid-May, using VIP NFTs to command higher price points. And if you want to go further into the future, look at Vitalek Buterin’s (father of Etherum when he was barely old enough to be a father) vision for SoulBound Tokens (SBTs). These are NFT badges dropped to you when you complete some sort of milestone. Buterin believes it’s the way that we’ll prove everything from our employment history to our academic credentials. It’s basically your resume on the blockchain with no room for creative writing about the jobs you never had.

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