NFT Market Collapse Shows It’s Moving Toward “Real Utility,” Executives Say

Decentralized country Foundation executive director Yemel Gardens believes as people become more educated about NFTs, THE to focus will change Since speculative trade has authentic utility.

A steep collapse In THE price of non-fungible tokens (NFT) should not be seen as A sign of distress but instead A signal THE technology East maturing, according to has Web3 frames.

"I wouldn't he say THE NFT walk has regressed, " Decentralized country Foundation executive director Yemel Jardi said Cointelegraph. "Instead, It is maturing."

by Jardi comments come After A September report Since dappGambl that analysis on 73,000 NFT collections And concluded that as a lot as 95% of THE NFT studied had No value, as prices, sales volume And transactions to have slipped on THE pass year.

Jardi stress that markets are cyclic And he East natural For there has be periods of adjustment.

He assigned slip NFT ground prices partially has "speculative trade" And said THE value of NFT should instead be anchor has their utility.

"As people become more educated about NFTs, their to use case And their public services, THE walk will stabilize And THE to focus will change Since speculative trade has authentic utility And innovation. »

Anjali Young, co-founder of THE tokenized community manager platform Collab.Land, is not it surprised about THE anti-NFT feeling neither.

"Any of them innovation — especially This A with financial impact, cultural value And Status — will attract examination during It is down ", She said.

Young believes a lot projects to have tripped Since markets such as Open Sea deleted mandated royalties costs In late August.

Despite This, Young claims that NFT are "here has stay" And waits they will be more frequently used For loyalty programs, rewards, advertisement And evidence of authenticity In THE future mon...