NFTs will be “as disruptive” as Bitcoin was 10 years ago – Kraken exec
Jonathon Miller, managing director of cryptocurrency exchange Kraken in Australia, says that despite falling NFT volumes, the company remains "bullish on the NFT space".
Interview
Non-fungible token (NFT) trading volumes may have fallen nearly 98% since January, but several industry executives tell Cointelegraph there is nothing to worry about as technology continues to develop and mature.
Jonathon Miller, managing director of cryptocurrency exchange Kraken in Australia, said “despite the slowdown in NFT market activity and sales volume in September, we are still seeing positive adoption signals at the institutional level and continued growth of use cases".< /p>
He told Cointelegraph that the company remains "bullish on the NFT space" and believes it will be "just as disruptive and innovative as Bitcoin was 10 years ago." Additionally, he said he was particularly intrigued by JPMorgan signing "a lease using technology" and the news that "the Vatican has opened an NFT gallery."
He acknowledged, however, that the NFT industry is still "in its infancy" and that the biggest barrier to mass adoption is "nightmarish user experiences", saying it's "very hard to tell someone who wants digital art, that you need to install a wallet and sign up for this exchange."
The Kraken exec said it was a priority for them to make this process smoother.
John Stefanidis, CEO and founder of NFT gaming platform Balthazar DAO, told Cointelegraph that the drop in exchanges is not significant in the grand scheme of NFTs, as people need to understand that "NFTs are more than just pictures".
Stefanidis said it was only natural for this decline to occur after "something grew extremely under one application".
He believes this has the potential to further stabilize the market, saying that "whenever there's horizontal growth, people are branching out and pulling out, and we're going to see more gradual growth in NFTs" .
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Jonathon Miller, managing director of cryptocurrency exchange Kraken in Australia, says that despite falling NFT volumes, the company remains "bullish on the NFT space".
Interview
Non-fungible token (NFT) trading volumes may have fallen nearly 98% since January, but several industry executives tell Cointelegraph there is nothing to worry about as technology continues to develop and mature.
Jonathon Miller, managing director of cryptocurrency exchange Kraken in Australia, said “despite the slowdown in NFT market activity and sales volume in September, we are still seeing positive adoption signals at the institutional level and continued growth of use cases".< /p>
He told Cointelegraph that the company remains "bullish on the NFT space" and believes it will be "just as disruptive and innovative as Bitcoin was 10 years ago." Additionally, he said he was particularly intrigued by JPMorgan signing "a lease using technology" and the news that "the Vatican has opened an NFT gallery."
He acknowledged, however, that the NFT industry is still "in its infancy" and that the biggest barrier to mass adoption is "nightmarish user experiences", saying it's "very hard to tell someone who wants digital art, that you need to install a wallet and sign up for this exchange."
The Kraken exec said it was a priority for them to make this process smoother.
John Stefanidis, CEO and founder of NFT gaming platform Balthazar DAO, told Cointelegraph that the drop in exchanges is not significant in the grand scheme of NFTs, as people need to understand that "NFTs are more than just pictures".
Stefanidis said it was only natural for this decline to occur after "something grew extremely under one application".
He believes this has the potential to further stabilize the market, saying that "whenever there's horizontal growth, people are branching out and pulling out, and we're going to see more gradual growth in NFTs" .
Related Reading:
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