Innovation will drive NFT adoption despite mainstream presence: NFTGo founder
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The presence of big players in non-fungible token markets may evangelize startups, but they don’t lead to mass adoption or innovation, argued Tony Ling, co-founder of NFTGo in a conversation with Cointelegraph.
Major developments, such as Adobe’s acquisition of Figma, would affect creators based on a combination of both companies’ capabilities. For example, Adobe owns Behance, a creative showcase platform that allows users to link crypto wallets and NFTs to their profiles, while Figma offers kits for NFT creators.
However, a general presence in the space is not seen as a game changer as the industry is challenged by high royalty payments and a bear market – as evidenced by the recent layoff of 20% of staff at OpenSea. “The key innovations need to happen in the new center, not in some existing big unicorns,” Ling added.
Blockchain advisor and Bundlesbets.com CEO Brenda Gentry shared a similar view, noting that she believes “the industry is always adapting and finding new tools” regardless of market players.
The Nansen NFT Indices, which track the performance of various sectors of the NFT market, are down 24% this year at press time. This is consistent with widespread market consolidation, explains Louisa Choe, research analyst at Nansen:
“We see smaller quantities throughout the market. However, NFT projects with solid community narratives and cultural references have continued to operate.
The GameFi sector is likely to drive the recovery, suggests fresh data from Dappradar. Total NFT trading volume increased by 13.25% in August, with sales increasing by 83.36% to over 1.3 million non-tradable tokens. Central, South Asia and Oceania (CSAO) sees 58% of all online traffic to cryptocurrency services being NFT-related, boosting its crypto adoption, a new Chainalysis report found.