Episode 65: The Future of Non-Fungible Tokens (NFTs) – A Conversation with Jana Bertram
In the latest episode of the Hashing It Out podcast, host Elisha Owusu Akyaw sits down with Jana Bertram, Head of Strategy at RARI Foundation, to explore the current state and future of non-fungible tokens (NFTs). The conversation delves into the decline in NFT trading volumes, but Bertram argues that the technology remains significant and is likely to return in a different form.
The Return of the NFT Bull Market?
Bertram acknowledged that the NFT bull market, which brought widespread attention to digital collectibles, has indeed cooled down. However, she emphasizes that this decline is not a sign of the technology’s demise. Rather, it’s an indication that the hype surrounding NFTs was never sustainable in the first place.
"The NFT bull cycle already happened," Bertram said during the conversation. "The hype may have diminished, but NFTs are still crucial for empowering creators and enabling innovative use cases."
One of the key areas where NFTs are making a significant impact is in real-world asset tokenization. This process involves representing physical assets as digital tokens on a blockchain, which can be used to facilitate transactions, manage ownership, and provide additional features like smart contracts.
The Royalties Debate: Balancing Creators’ Rights with Market Dynamics
One of the key challenges still plaguing the NFT space is the ongoing debate over royalties. Some NFT marketplaces have made royalties optional in recent years, which has significantly impacted creators’ earnings. Bertram noted that this shift has forced the industry to reconsider how to balance creators’ rights with market dynamics.
"This is a critical issue because it affects the very foundation of the NFT ecosystem," Bertram said. "We need to find a way to ensure that creators are fairly compensated for their work while also considering the needs of the market."
Scalability and Affordability: Key Challenges in the Web3 Space
The conversation also touched on two major touchpoints in the Web3 space: scalability and affordability. Bertram pointed out that advancements in blockchain infrastructure have made NFT transactions more cost-effective, addressing one of the barriers that previously hindered adoption.
"As we move forward, it’s essential to prioritize scalability and affordability," Bertram emphasized. "We need to make sure that NFTs are accessible to everyone, regardless of their technical expertise or financial resources."
The Future of NFTs: Beyond Digital Art and Collectibles
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.
"The possibilities are endless," Bertram said. "NFTs have the potential to transform various industries and enable new use cases that we can’t even imagine yet."
However, she noted 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.
Conclusion
The conversation between Bertram and Owusu Akyaw provides valuable insights into the current state of NFTs and their future prospects. As the industry continues to evolve, it’s essential for creators, marketplaces, and users to prioritize scalability, affordability, and fairness.
As Bertram emphasized during the conversation, "NFTs are not just about digital art and collectibles; they have the potential to transform various industries and enable new use cases that we can’t even imagine yet."
Listen to the Full Episode
To hear more about the future of NFTs and Jana Bertram’s insights, listen to the full episode of Hashing It Out on Cointelegraph’s podcast page, Spotify, Apple Podcasts, or your podcast platform of choice.
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