Innovation Will Drive NFT Adoption Despite Widespread Presence: NFTGo Founder

The presence of global players may be perceived positively by the industry, but Tony Ling says it does not impact mass adoption.

The presence of big players in the non-fungible token market might evangelize newbies, but they don't lead to mass adoption or innovation, asserted Tony Ling, co-founder of NFTGo in a conversation with Cointelegraph.

Major developments, such as Adobe's acquisition of Figma, could potentially impact creators by combining features from both companies. Adobe, for example, has Behance, a creative storefront platform that allows users to connect crypto wallets and NFTs to their profiles, while Figma provides kits for NFT creators.

The dominant presence in the space, however, is not seen as a game-changer as the industry faces challenges with high royalties and a bear market, as evidenced by the recent layoff of 20 % of staff at OpenSea. “Key innovation has to happen in the new center, not in some existing big unicorns,” Ling added.

Brenda Gentry, Blockchain Advisor and CEO of Bundlesbets.com, shared a similar view, noting that she believes "the industry will always adapt and find new tools" regardless of who plays of the market.

The Nansen NFT indices, which track the performance of different sectors of the NFT market, are down 24% this year at press time. This is in line with broad market consolidation, explained Louisa Choe, research analyst at Nansen:

“We are seeing declining volumes in the market. However, NFT projects with strong community stories and cultural references have continued to work.”

The GameFi sector is likely to generate a rebound, suggests recent data from Dappradar. Total