Non-fungible token (NFT) buying and selling volumes might have dropped almost 98% since January, however a number of business executives inform Cointelegraph it is nothing to concern as the expertise continues to develop and mature.
Jonathon Miller, managing director of cryptocurrency alternate Kraken in Australia stated “despite NFT market activity and sales volume having slowed down in September, we are still seeing positive adoption signals at an institutional level and continued growth in use cases.”
He informed Cointelegraph that the corporate stays “bullish on the NFT space” and believes it will be “just as disruptive and innovative as Bitcoin was 10 years ago,” and said he was particularly intrigued by JPMorgan signing “a lease using the technology” as effectively as listening to the information that “the Vatican has opened an NFT gallery.”
He nonetheless acknowledged that the NFT business remains to be “in its infancy” and that the largest barrier to mass adoption is “nightmare user experiences,” saying that it’s “very hard to say to someone who wants digital art, that you have to install a wallet and you have to onboard with that exchange.
The Kraken executive said it has been a priority for them to make that process smoother.
John Stefanidis, CEO and founder of NFT gaming platform Balthazar DAO told Cointelegraph that the trading downfall is not significant in the grand scheme of NFTs as people need to understand that “NFTs are more than just photos.”
Stefanidis stated it’s pure for this decline to occur after “something has experienced extreme growth under one application.”
He believes this has the potential to stabilize the market extra, saying that “whenever there is horizontal growth, people diversify and pull back, and we’re going to see a more gradual growth in NFTs.”
Related Reading: Web3 gaming nonetheless a great distance from mainstream adoption: Survey
Mason Edwards, Chief Commercial Officer of Tezos Foundation, a corporation centered on selling and creating the Tezos blockchain and associated applied sciences, informed Cointelegraph that it’s (*10*) noting:
“We’re still not at a point of maturity in the NFT market, we’re still going to see people buy a rock for a million dollars.”
