Will NFTs Break into the Mainstream Market?
Some of the most famous people dominating the business news cycles have been investing in the newest object on the block, Non-Fungible Tokens (or NFT).
The first tweet ever recently sold for over $2 million, and a GIF sold for an outlandish $70 million.
But is this a fad that will fade once the richest buy the most prized possessions, or will the NFT market take hold for the everyday investor? To get a better look into the wild, wild west of this new market, Founding Partner of LeadBlock Partners Baptiste Cota sent us his thoughts on whether or not the tokens will break into the mainstream market.
Here’s what he had to say:
“Look, in my opinion, they’re starting to break into the mainstream market, already, but the user does not necessarily know it. And, to achieve this adoption, they shouldn’t. Let’s take a step back. When you look at collectibles, such as CryptoKitties or art, at this point, most of the buyers, if not all, are part of the crypto community. They know they’re buying. And if they know what it is, they can verify their ownership. They really understand it. Now, for NFT to go mainstream, you need non-crypto-native users. You need people who don’t understand what it is, but simply trust that the tech does what it says it does. You know, it’s kind of the same thing with online payments. You know, do we actually know how it works? Most of us don’t, but we trust it. And we got mainstream adoption. Now, you have examples of that in the NFT space already.
Examples of that are Sorare for football cards for example, you can buy using Fiat on the platform and UX makes things easy for users. You don’t have to go to an exchange and connect your wallet. Good luck going mainstream if you need users to buy crypto first. You really need to reduce the friction. NFTs are also expanding in physical goods and B2B activities for example in the luxury goods space where a number of top players have deployed or are deploying NFTs as a certificate for their products. The client doesn’t necessarily know it but they hold an NFT which backs their unique certificate.”
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