This week’s NFT blog looks to add to the discussion being held among creators over what effect the FTX collapse may have on the NFT landscape.
Amidst the bear market, FTX collapse, and the effects of both on the perceptions of cryptocurrency, conversations have ignited around the impact this landscape could have on the future of NFTs.
As outlined in Cointelegraph, however, should NFTs focus on how they exemplify digital ownership and support for content creators, the NFT space will stabilise and perhaps be made stronger with a renewed commitment to sustainability, trust, and creator autonomy.
Several prominent figures within the NFT space came forth to reaffirm the future of NFTs is a positive one. The key, Jamie Thomson of Vulcan Forged said, is that NFTs should have utility in proven markets. At Stratisphere, we agree: in moving away from hype and speculation and instead focusing on utility and community, NFTs will be on their way to a promising future. Creating meaningful NFTs with proven functionality will demonstrate the possibilities of NFTs as assets as opposed to a much-hyped status symbol.
In short, FTX has demonstrated the volatility that the market can experience and the impact this volatility can have on users. For NFTs, it is important to move beyond this to be stabilised, trustworthy, and accessible for all, and an enhanced focus on utility will be essential to making this future happen.