OnChain Studios CEO and co-founder Will Weinraub believes that projects using non-fungible tokens (NFTs) must prove their practical value for successful development.
On TheWrap Tech vs. Media Will Weinraub stated that the hype surrounding the NFT industry is no longer conducive to its deep penetration into the masses. After the hype, NFTs are already beginning to take on a negative connotation, which may explain the decline in this market. Weinraub noted that his fascination with digital collectibles began with the acclaimed game CryptoKitties in 2008. Growing his own company, the head of OnChain Studios watches many companies in the NFT and Web3 space fail.
In his opinion, the reason for their fiasco is that they do not offer users a solution to their real problems, but instead throw the words “NFT” and “blockchain”, hoping that this will be enough. Weinraub believes that NFT creators should talk more about the benefits, uses and possibilities of collectible tokens, and not just scream about how good they are.
“Consumers will remain indifferent to your NFTs if you don’t tell them how they can be used in real life, how they can solve people’s problems or just make them happy. Some NFT purchases were made just because of the hype. But now the question arises: why is this application needed? What is its value?” Weinraub asks.
According to him, due to an insufficiently developed structure, 95% of NFT projects will eventually disappear. The lack of liquidity and activity in them is already becoming noticeable. Weinraub suggested that in their place would be the next wave of NFT leaders who would already be seriously thinking about what they were developing.
Recently, Animoca Brands chairman Yat Siu compared games using NFTs to early games on mobile phones. Therefore, he is confident that in the future, NFT projects will be more modernized, and this industry is expected to grow. The same opinion is shared by the heads of the cryptocurrency companies Kraken, Tezos and Balthazar DAO.
Source: Bits
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